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Markets

China lowers yuan midpoint to 2-month low, pushing CFETS basket index to highest since June 2018

  • The weaker fixing has pushed China's trade-weighted yuan basket index to 97.06, the highest since June 22, 2018, according to Reuters' calculation based on official data.
Published March 5, 2021

China lowers yuan midpoint to 2-month low, pushing CFETS basket index to highest since June 2018

SHANGHAI: China's central bank on Friday set its official yuan midpoint at the weakest in two months to reflect broad strength in the dollar in global markets overnight.

The People's Bank of China (PBOC) set the midpoint at 6.4904 yuan per dollar prior to the market open, 146 pips, or 0.22%, weaker than the previous fix of 6.4758. It was the weakest since Jan. 4.

The weaker fixing has pushed China's trade-weighted yuan basket index to 97.06, the highest since June 22, 2018, according to Reuters' calculation based on official data.

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