BEIJING: China's yuan opened weaker against the dollar on Friday after the central bank set the official guidance rate lower for the first time in six trading days.
The opening trade on the yuan was 6.1937, down 0.08 percent from the previous day's close.
The People's Bank of China (PBOC) set the midpoint rate at 6.1184 per dollar prior to the 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 sudden stability after steep losses in the yuan earlier this week prompted suspicions that the central bank intervened to support the currency.
Despite PBOC's efforts, which included its longest streak of higher midpoints since late April, the yuan has failed to make up the losses earlier, down 0.73 percent for the week at market open.
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