September 12, 2017 / 1:33 AM / 2 months ago

China fixes yuan mid-point lower, snapping 11-day rising streak

SHANGHAI (Reuters) - China’s central bank lowered its official yuan midpoint to 6.5277 per dollar on Tuesday, snapping an 11-day winning streak.

FILE PHOTO - A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

Tuesday’s midpoint was 280 pips or 0.43 percent weaker than Monday’s fix of 6.4997, reflecting weakness in the spot yuan a day earlier and overnight dollar movement in global markets.

The move in the official guidance was the biggest one-day weakening in percentage terms since Jan.9.

Reporting by Winni Zhou and John Ruwitch

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