HONG KONG, March 20 (Reuters) - China’s yuan fell to a fresh 11-month low against the dollar on Thursday after China’s central bank set the daily midpoint fixing sharply weaker in line with a resurgent greenback.
China’s yuan opened at 6.2080 per dollar on Thursday, weaker than Wednesday’s close of 6.1965, its lowest since early April 2013. The People’s Bank of China set the yuan’s daily midpoint at 6.1460.
The yuan’s opening levels took it well past a previous 1 percent trading band for the currency, indicating the central bank was already letting the yuan test its new trading range.
The bank had widened its trading band to 2 percent on either side of the daily midpoint fixing in a much-expected move last weekend. (Reporting by Saikat Chatterjee; Editing by Paul Tait)