China central bank sets yuan mid-point at lowest since July 2011 for second day

[SHANGHAI] The People's Bank of China set its official midpoint rate at 6.4559 per dollar prior to the market open on Tuesday, its weakest level since July 2011, and 0.1 per cent weaker than the previous fix of 6.4495.

Guided by a series of weaker PBOC fixes, spot yuan hit its lowest level in 4-1/2 years on Monday.

The central bank said on Friday that it had begun publishing a yuan exchange rate weighted against a basket of currencies, a move that will eventually loosen the Chinese currency's link to the greenback and that will let the yuan weaken further.

REUTERS