Forex

Yuan opens weak after hint of Fed rate hike delay

Reuters SHANGHAI | Updated on January 23, 2018 Published on August 27, 2015

The People's Bank of China set the midpoint rate at 6.4085 per dollar prior to market open. File Photo   -  Reuters

China's yuan weakened at open on Thursday, after a U.S. official hinted that the Federal Reserve is reconsidering whether to go-ahead with an interest rate hike next month given the current global market volatility.

The People's Bank of China set the midpoint rate at 6.4085 per dollar prior to market open, its lowest level since 2011, firmer than the previous day's closing market quote of 6.4105.

The spot market opened at 6.4155 per dollar and was changing hands at 6.4155 in early trade, 50 pips away from the previous close and 0.11 per cent away from the midpoint. The spot rate is currently allowed to trade with a range 2 percent above or below the official fixing on any given day.

The offshore yuan was trading -1.06 per cent away from the onshore spot at 6.484 per dollar.

Published on August 27, 2015
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