China central bank sets yuan mid-point at a 4-1/2 year low

The People's Bank of China set its official yuan mid-point rate at 6.4864 per dollar prior to the market open on Tuesday, its weakest level since June 2011 and 0.2 per cent weaker than the previous fix of 6.4750.

PHOTO: REUTERS

DEC 29, 20159:54 AM

SHANGHAI] The People's Bank of China set its official yuan mid-point rate at 6.4864 per dollar prior to the market open on Tuesday, its weakest level since June 2011 and 0.2 per cent weaker than the previous fix of 6.4750.

Demand for dollars in the Chinese foreign exchange market typically rises at the end of a year, and that pushed the Chinese currency to a weaker close on Monday, at 6.4880.

The Chinese central bank has set the mid-point, the official guidance rate, in line with trading levels since market reforms in August.

REUTERS