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China sets yuan mid-point below key 7-per-dollar for first time since 2008

China sets yuan mid-point below key 7-per-dollar for first time since 2008
FILE PHOTO: U.S. Dollar and China Yuan notes are seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration/File Photo -
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Thomas White(Reuters)
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SHANGHAI (Reuters) – China’s central bank on Thursday set its official yuan midpoint below the key seven to the dollar threshold for the first time since global financial crisis.

The People’s Bank of China (PBOC) set the midpoint rate <CNY=PBOC> at 7.0039 per dollar prior to market open, 43 pips weaker than the previous fix of 6.9996, and was the weakest since April 21, 2008.

Broad weakness in the official guidance rate came after losses in the spot yuan <CNY=CFXS> a day earlier, as the local unit continued to be weighed by an escalation in Sino-U.S. trade tensions. However, state bank transactions in the swap market this week have helped slow the decline. [CNY/]

(Reporting by Winni Zhou and Andrew Galbraith; Editing by Sam Holmes)

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