China's central bank lowered its official yuan midpoint for a seventh strai...
FILE PHOTO: A U.S. dollar banknote featuring American founding father Benjamin Franklin and a China's yuan banknote featuring late Chinese chairman Mao Zedong are seen among U.S. and Chinese flags in this illustration picture taken May 20, 2019. REUTERS/Jason Lee/Illustration
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.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 percent 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 U.S. trade tensions. But the central bank has shown signs of trying to stabilise it in the last few sessions.
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