October 27, 2017 / 1:45 AM / a year ago

China lowers yuan midpoint by most in 5 weeks

SHANGHAI, Oct 27 (Reuters) - China’s central bank lowered its official yuan midpoint to the lowest level in nearly three weeks to 6.6473 per dollar on Friday, reflecting dollar movement in global markets.

The move in the midpoint was the biggest one-day weakening in percentage terms since Sept. 21.

Friday’s official fixing was 185 pips or 0.28 percent softer than the previous fix of 6.6288 per dollar on Thursday. Friday’s fixing was the weakest since Oct. 9.

The U.S. dollar stood tall overnight, on track for weekly gains, while the euro slumped to three-month lows after the European Central Bank extended its bond purchases, reducing market expectations that it would hike interest rates in 2018. (Reporting by Winni Zhou and John Ruwitch; Editing by Sam Holmes)

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