August 30, 2019 / 1:46 AM / 3 months ago

Yuan fix rate set at weakest in 11-1/2 years, still stronger than expected

SHANGHAI, Aug 30 (Reuters) - China’s central bank set its official yuan midpoint at its weakest in 11-1/2 years on Friday, though for a fourth straight day it was stronger than the market had expected, signalling the central bank’s intention to slow the Chinese currency’s decline.

The People’s Bank of China (PBOC) set the midpoint rate at 7.0879 per dollar prior to market open, 21 pips weaker than the previous fix of 7.0858 and the weakest since March 14, 2008.

Friday’s official guidance rate was 318 pips or 0.45% stronger than Reuters’ estimate of 7.1237 per dollar.

The spot rate is allowed to trade inh a range 2 percent above or below the daily fix.

Reporting by Winni Zhou and John Ruwitch; Editing by Simon Cameron-Moore

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