SHANGHAI: China’s Yuan weakened slightly against the dollar on Monday after China published surprisingly weak January trade data on Sunday, and continued to trade near the limit of its daily trading band as the central bank held the exchange rate steady.
The People’s Bank of China set the midpoint rate at 6.1311 per dollar prior to market open, weaker than the previous fix 6.1261, after the dollar gained in overnight trade.
The spot market opened at 6.2495 per dollar and was changing hands at 6.2492 at midday, 45 pips weaker than the previous close and 1.93 per cent away from the midpoint.
The spot rate is currently allowed to trade with a range 2 per cent above or below the official fixing on any given day.
