China fixes yuan midpoint at 1-wk low, biggest one-day weakening since late Aug

SHANGHAI: China's central bank lowered its official yuan midpoint by the most in more than three months to 6.8996 per dollar on Tuesday, reflecting broad dollar strength.

Tuesday's official midpoint, 303 pips or 0.44 percent weaker than the previous fix of 6.8693 on Monday, was the lowest setting since Dec.3.

The move in the official guidance rate was the biggest one-day weakening in percentage terms since Aug.24.

The dollar rebounded from its steepest weekly drop versus a basket of currencies in three months as the pound struggled near a 20-month low, jolted by British Prime Minister Theresa May's postponement a crucial vote on her Brexit deal.