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    HomeNewsBusinessMarketsPBOC sets yuan mid-point at weakest since May 2011

    PBOC sets yuan mid-point at weakest since May 2011

    Demand for dollars in the Chinese foreign exchange market typically rises at the end of a year and that has kept the Chinese currency weak this week.

    January 01, 2016 / 11:20 IST

    The People's Bank of China set its official yuan mid-point rate at 6.4936 per dollar prior to the market open on Thursday, its weakest level since May 2011 and 0.1 percent weaker than the previous fix of 6.4895.

    Demand for dollars in the Chinese foreign exchange market typically rises at the end of a year and that has kept the Chinese currency weak this week.The Chinese central bank has set the mid-point, the official guidance rate, in line with trading levels since market reforms in August.

    first published: Dec 31, 2015 10:50 am

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