Yuan opens weaker despite firmer guidance

[SHANGHAI] China's yuan weakened slightly at open on Monday despite a firmer guidance rate.

The People's Bank of China set the midpoint rate at 6.3862 per dollar prior to market open, firmer than the previous day's closing quote 6.3887.

The spot market opened at 6.3897 per dollar and was changing hands at 6.3948 in early trade, 61 pips away from the previous close and 0.13 percent away from the midpoint. The spot rate is currently allowed to trade with a range 2 per cent above or below the official fixing on any given day.

The offshore yuan was trading -1.11 per cent away from the onshore spot at 6.4665 per dollar.

REUTERS