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China's yuan opens slightly weaker on broad US dollar strength

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The yuan opened slightly weaker on Monday, hitting its lowest level in nearly a month, after the dollar index strengthened 0.5 per cent last Friday and managed to hold its own at the start of the week in early Asian trade, traders said.

[SHANGHAI] The yuan opened slightly weaker on Monday, hitting its lowest level in nearly a month, after the US dollar index strengthened 0.5 per cent last Friday and managed to hold its own at the start of the week in early Asian trade, traders said.

The Chinese currency opened at 6.5051 per US dollar versus the previous close at 6.5015, hitting an intraday low of 6.5100 in early trade - its weakest level since late March.

The People's Bank of China set the midpoint rate at a 6.5120 per US dollar prior to the market's open, 0.3 per cent weaker than the previous fix at 6.4898, reflecting the US dollar's broad strength, traders said.

REUTERS