China's yuan dips as traders brace for data, further stimulus moves

China's yuan weakened slightly against the dollar on Friday after the central bank set the official guidance rate lower, and as traders looked to a raft of economic data later in the day for clues on further stimulus measures. The spot market opened at 6.1937 per dollar, down 0.08 per cent from the previous close and was changing hands at 6.1915 at midday. The spot rate slid 0.59 per cent in Monday and Tuesday trading before stabilising amid trader suspicions that the central bank had intervened. The PBOC set the midpoint rate at 6.1184 per dollar prior to the market open, down 0.05 per cent from the previous fix. The spot rate is currently allowed to trade 2 per cent above or below the midpoint. The spot rate was 1.19 per cent below the midpoint, the largest spread since late June.

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