SHANGHAI: China’s yuan slipped past the key 6.9 per US dollar level on Tuesday, after the central bank guided its official yuan midpoint to its weakest since mid-January.
The People’s Bank of China fixed the yuan midpoint rate at 6.8957 per US dollar prior to market open, its weakest since Jan 17. Tuesday’s fixing was 167 pips or 0.2 per cent softer than the previous fix, which was set at 6.8790. In the spot market, the yuan breached the psychologically important 6.9 per US dollar level in early trade and was changing hands at 6.9037 by 0258 GMT, 76 pips weaker than the previous late session close and 0.12 per cent softer than the midpoint.
