SHANGHAI: China's yuan weakened against the dollar on Thursday after the central bank set a weaker official rate, with gloomy August property data further depressing market confidence, traders said.
The People's Bank of China set the midpoint rate at 6.1490 per dollar prior to market open, down 0.07 percent from the previous fix. The spot rate is currently allowed to trade 2 percent above or below the midpoint.
The spot market opened at 6.1439 per dollar, and was changing hands at 6.1433 by midday, 0.05 percent weaker from the previous close.
China's home prices fell in August for a fourth straight month, official data showed on Thursday, underlining a deepening downtrend in the property market that is increasingly weighing on the broader economy.
Comments
Comments are closed for this article.