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Markets

China's yuan slips after weaker guidance

  • Reaction to the latest Sino-US tensions was largely muted.
23 Jun, 2021

SHANGHAI: China's yuan slipped on Wednesday, after the central bank guided the midpoint lower.

Before the market open, the People's Bank of China set the midpoint rate at 6.4621 per dollar, 8 pips weaker than the previous fix of 6.4613, and the weakest such level since May 7.

The spot market opened at 6.4729 per dollar and was changing hands at 6.4802 at midday, 69 pips weaker than the previous late session close.

The spot rate is allowed to trade with a range 2% above or below the official fixing on any given day.

The offshore yuan was trading at 6.4912 per dollar.

US Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the US central bank's intent to encourage a "broad and inclusive" recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.

Reaction to the latest Sino-US tensions was largely muted.

China condemned the United States on Wednesday as the region's greatest security "risk creator" after a US warship again sailed through the sensitive waterway that separates Taiwan from China.

The dollar index, which measures the greenback versus six rivals, was at 91.775 in early Asian trading, off a two-month high of 92.408 reached at the end of last week.

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