China's yuan weakened against the dollar on Tuesday after the central bank set its daily guidance rate weaker following a string of fixes making 15-month highs. The People's Bank of China (PBOC) set the midpoint rate at 6.1098 per dollar prior to the market's open, 0.03 percent weaker than the previous fix at 6.1079.
The spot market opened at 6.2060 per dollar and was unchanged at midday, to stand 0.03 percent down from Monday's close.
The offshore yuan was trading 0.02 percent lower than the onshore spot at 6.207 per dollar.
Data on Monday from the Bank for International Settlement (BIS) index showed the yuan's real value fell slightly for the first time in 10 months in April after hitting a record high in March.
The BIS index for the yuan's real effective exchange rate (REER) - the currency's value against a trade-weighted basket after adjustments based on inflation - dropped 0.92 percent to 130.44 in April from 131.65 in March.
"The yuan's real value is still high even though there is a drop," said a trader at an Asian bank in Shanghai.
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