China’s yuan weakened against the U.S. dollar on Wednesday after the central bank set a weaker guidance rate for the first time in 11 sessions, as rising trade tensions with Europe added to concerns over the outlook for Chinese exports.
The onshore yuan was trading at 6.7050 per dollar around midday, down 0.07% from the previous close. Before the market opened, the People’s Bank of China (PBOC) set the yuan’s midpoint at 6.7468 per dollar, ending a 10-session run of stronger daily guidance, according to Reuters.
