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WorldPosted at: Jul 19 2017 10:37AM


China's yuan weakens as dollar demand offsets strongest fix in 9 months

SHANGHAI, Jul 19 (Reuters) China's yuan weakened against the dollar for the first time in eight days on Wednesday, despite the strongest official fixing in almost nine months as businesses picked up dollars on the cheap following the U.S. currency's recent downturn.
Prior to market opening, the People's Bank of China set the yuan midpoint at 6.7451 per dollar, its strongest level since Oct.20 2016, reflecting the greenback's broad decline amid signs the Federal Reserve will go slow on its rate tightening cycle.
Wednesday's official guidance was 160 pips, or 0.24 percent, firmer than the previous session's fix at 6.7611 per dollar. The yuan has been bid up since the second quarter of this year after Chinese authorities stepped up support for the currency in the face of entrenched bearish bets following its
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