China sets yuan mid-point at weakest level in 3 months

[SHANGHAI] China's central bank lowered its official yuan midpoint to 6.7665 per US dollar on Thursday, the weakest level in nearly three months, amid growing global concerns over a sudden escalation in Sino-US trade tensions.

Thursday's midpoint was 69 pips, or 0.1 per cent, weaker than the previous fix of 6.7596 and was the softest since Feb 14.

Markets were nervously awaiting the start of two-day trade talks in Washington later in the global day to see if Chinese negotiators can salvage a trade deal and convince the White House to back down on a threatened tariff hike on Friday.

REUTERS