Onshore yuan softens slightly ahead of holiday

People’s Bank of China guides the yuan lower

PUBLISHED : Friday, 23 December, 2016, 12:17pm
UPDATED : Friday, 23 December, 2016, 12:17pm

China’s yuan was slightly lower in quite trade in the onshore market Friday morning ahead of the holiday season.

The onshore yuan in Shanghai slipped 0.03 per cent or 24 points to 6.9497 per US dollar at 11.30 am. However, the offshore yuan in Hong Kong nudged higher by 0.01 per cent or 5 points to trade at 6.9456 per US dollar.

The People’s Bank of China on Friday set the yuan’s reference point against the US dollar at 6.9463, weaker by 0.04 per cent or 28 basis points than Thursday’s fix.

Traders are allowed to trade up to 2 per cent either side of the reference point for the day.