China’s central bank sets yuan mid-point at weakest level since 2008

Vastavam web: China’s central bank set its official yuan midpoint to the lowest level in over a decade on Tuesday, as the local currency remained on the back foot on worries over slower growth at home and talk of further falls in coming months. The official yuan midpoint CNY=PBOC was fixed at 6.9574 per dollar on Tuesday, 197 pips, or 0.28 percent, weaker than the previous fix of 6.9377. Bloomberg reported that the U.S. is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between presidents Donald Trump and Xi Jinping falter. Tuesday’s fixing, guided at the lowest level since May 21, 2008, was also weaker than market forecasts. It was 74 pips softer than a Reuters estimate at 6.9487 per dollar.