China's yuan dips on central bank guidance

SHANGHAI: China's yuan weakened against the dollar on Thursday after the central bank set the daily midpoint at its lowest level since early June.

The People's Bank of China set the midpoint rate at 6.1675 per dollar prior to market open, down 0.05 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 6.1740 per dollar and was changing hands at 6.1732 by midday, 0.02 percent weaker from the previous close.

The spot rate was 0.09 percent above the midpoint, the closest it has been to the fixing since mid-March when the trading band was widened.