August 27, 2015 / 1:52 AM / in 3 years

China central bank sets yuan midpoint at weakest level since 2011

SHANGHAI (Reuters) - China's central bank set the yuan's midpoint at 6.4085 to the dollar CNY=SAEC on Thursday, the weakest level since 2011.

A customer counts Chinese Yuan notes at a market in Beijing, August 12, 2015. REUTERS/Jason Lee

Earlier in August, Chinese policymakers announced that the midpoint would be calculated in a new fashion, based on the previous close and trades by market makers. The yuan has slid around three percent against the dollar since that time, rattling global markets.

Reporting By Nathaniel Taplin; Editingb by Kazunori Takada

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