China's yuan edges lower on weaker midpoint

SHANGHAI: China's yuan fell against the dollar on Tuesday after the central bank set the midpoint slightly weak, signalling that Beijing may prefer a temporary pause for the Chinese currency's recent appreciation, traders said.

Spot yuan traded at 6.1203 per dollar by midday, 0.01 percent weaker than the previous close.

The People's Bank of China (PBOC) set the midpoint at 6.1413, down 0.6 percent from Monday's fix.

The yuan has stayed on a general upward trend since May, appreciating 2.3 percent since the end of April, buoyed by China's strong foreign trade surpluses.