SHANGHAI: China’s yuan entered midday weaker against the dollar on Friday after shedding early gains that had been led by a stronger offshore market.
“Some investors sold the yuan, taking profits from the appreciation in early trade,” said a trader at a foreign bank in Shanghai.
The People’s Bank of China set the midpoint rate at 6.3459 per dollar prior to market open, 0.12 per cent weaker than the previous fix 6.3381.
The spot market opened at 6.3538 per dollar and was changing hands at 6.3490 at midday, 0.04 per cent weaker than the previous close. It had strengthed as far as 6.3452 during early trade.
Traders noted corporate demand for dollars, and said investors remained concerned that the upcoming data would give more evidence that the economy was slowing.