China lowers yuan mid-point to fresh 11-year low, but higher than forecasts

China's central bank lowered its official yuan midpoint for a seventh straight day to a new 11-year low on Friday, but it was not as weak as markets had expected.[SHANGHAI] China's central bank lowered its official yuan midpoint for a seventh straight day to a new 11-year low on Friday, but it was not as weak as markets had expected.

The People's Bank of China set the midpoint rate at 7.0136 per dollar prior to market open, 97 pips weaker than the previous fix of 7.0039 and the weakest since April 3, 2008. However, traders said Friday's official guidance rate came in firmer than their forecasts, a situation that was also seen earlier this week. The official fixing was 86 pips or 0.12 per cent firmer than Reuters' estimate of 7.0222 per dollar.

China allow the yuan to fall past the key 7 level on Monday, jolting global financial markets, after an escalation in US trade tensions. But the central bank has shown signs of trying to stabilise it in the last few sessions.

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