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China's yuan touches 3-1/2 month low on PBOC guidance

Release time:2014-12-05

Dec 04, 2014 07:22 GMT   Source: Reuters

 

 

Thu, 4 Dec 03:59:00 GMT

HONG KONG, Dec 4 (Reuters) - China's yuan touched a 3-1/2 month low against the dollar after the central bank set weaker midpoint, but had steadied slightly from the low by midday on Thursday.

The People's Bank of China (PBOC) fixed the official midpoint at 6.1411 per dollar, down 0.06 percent from Wednesday's 6.1376. It was the lowest level since Nov 25.

Spot yuan changed hands at 6.1508 at midday, down 0.01 percent from the previous day's close at 6.1500. It touched 6.1599 in morning trade, the weakest level since Aug. 22.

The spot rate is currently allowed to trade 2 percent above or below the midpoint.

The onshore spot yuan market at a glance:

Item Current Previous Change

PBOC midpoint 6.1411 6.1376 -0.06%

Spot yuan 6.1508 6.15 -0.01%

Divergence from midpoint* 0.16%

Spot change ytd -1.58%

Spot change since 2005 revaluation 34.56%

*Divergence of the dollar/yuan exchange rate. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2 percent from official midpoint rate it sets each morning.

OFFSHORE CNH MARKET

The offshore yuan market at a glance:

Instrument Current Difference from

onshore

Offshore spot yuan * 6.1522 -0.07%

Offshore non-deliverable 6.2675 -2.02%

forwards **

*Premium for offshore spot over onshore 
**Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint. .

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FACTBOX

- Yuan and capital account reforms and pilot programmes [ID:nL3N0OM15U]


RECENT DEVELOPMENTS

- PBOC cuts back on intervention, but not totally hands off[ID:nL4N0PK0TE]

- China's weak currency disappoints carry traders [ID:nL4N0PB0TR]

- Hong Kong should cherish its standing as offshore yuan hub

- China c.banker [ID:nL4N0PE0N3]

- US warns China over currency depreciation [ID:nL2N0MZ1L1]

- Capital flows, improving trade to prop up yuan in H2[ID:nL4N0MM0K9]


KEY DATA POINTS

- Yuan spot performance versus midpoint after trading band widened http://link.reuters.com/req62w

- China's yuan, other emerging mkt currencies vs dollar http://link.reuters.com/xyd46v


- Global currency performance INTERACTIVE GRAPHIC: http://link.reuters.com/cyx46v


- China's trade surpluses mainly driven by weak imports rather than strong exports. GRAPHIC: http://link.reuters.com/qav68s


- The yuan resumes appreciating on a trade-weighted basis GRAPHIC: http://link.reuters.com/sed74t


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(Reporting by Michelle Chen; Editing by Simon Cameron-Moore)

((michelle.chen@thomsonreuters.com; +852 2843 6587; Reuters Messaging: min.chen.thomsonreuters.com@reuters.net))