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China sets yuan mid-point at 4-month low, but basket index advances further

SHANGHAI : China's central bank on Friday set its official yuan midpoint at the weakest level in four months to reflect falls in spot prices a day earlier.

The People's Bank of China (PBOC) set the midpoint at 6.4984 yuan per dollar prior to the market open, 131 pips or 0.2per cent softer than the previous fix of 6.4853, and the weakest since April 21.

However, the weakened official guidance rate has pushed China's trade-weighted yuan basket index higher again to 99, the highest since March 9, 2016, according to Reuters' calculations based on official data.

(Reporting by Winni Zhou and Andrew Galbraith; Editing by Jacqueline Wong)

Source: Reuters

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