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Yuan opens weaker on Thursday

The offshore yuan strengthened, building on its biggest weekly gain since October, and the cost of borrowing the currency climbed in Hong Kong after China stepped up efforts to curb bearish bets on the exchange rate.

[SHANGHAI] China's yuan weakened at its open on Thursday despite a firmer midpoint setting by the country's central bank.

The People's Bank of China set the midpoint rate at 6.5616 per dollar prior to market open, firmer than the previous fix of 6.563, and firmer than the previous day's closing quote 6.5743.

The spot market opened at 6.5800 per dollar and was changing hands at 6.5794 in early trade, 51 pips away from the previous close and 0.27 per cent away from the midpoint. The spot rate is currently allowed to trade with a 2 per cent range above or below the official fixing on any given day.

The offshore yuan was trading -0.22 per cent away from the onshore spot at 6.5937 per dollar.


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