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China's yuan steadies at open, but still vulnerable as Brexit anxiety weighs

Tuesday, June 28, 2016 - 10:20
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China's yuan bounced slightly against a slightly weaker US dollar on Tuesday, stepping off 5-1/2-year lows hit the previous day amid cautious trade as global financial markets struggled to shake off the Brexit shock.

[SHANGHAI] China's yuan bounced slightly against a slightly weaker US dollar on Tuesday, stepping off 5-1/2-year lows hit the previous day amid cautious trade as global financial markets struggled to shake off the Brexit shock.

The yuan opened at 6.6512 per US dollar in early trade, up from Monday's close of 6.6585 - the lowest close since December 2010. By 0148 GMT, the yuan was at 6.6480. The US dollar index edged down 0.3 per cent.

Prior to the market open, the People's Bank of China fixed its midpoint at 6.6528, its lowest level since December 2010 and 0.2 per cent weaker than the previous fix of 6.6375.

Globally, financial markets continued to be gripped by anxiety after Britain's stunning vote to exit the European Union last week, with the British pound still languishing near its lowest in more than 30 years early on Tuesday.

REUTERS

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