Central bank sets yuan weaker on strengthening dollar

The South China Morning Post reported mainland China’s central bank set the yuan mid-price significantly weaker on Thursday morning, following a strengthening of the US dollar in the past two days, and after the mainland reported stronger-than-expected trade figures for March on Wednesday. The People’s Bank of China (PBOC) set the mid-price at 6.4891 against the US dollar on Thursday, 0.46 per cent or 300 points weaker from Wednesday’s fixing – the steepest drop since January 7. Onshore and offshore yuan traded lower following the fixing.