China's yuan edged down against the dollar on Tuesday, after the central bank fixed a weaker midpoint for the third consecutive day to reflect global strength in the dollar. The People's Bank of China set the midpoint rate at 6.1543 per dollar prior to market open, weaker than the previous fix of 6.1513. It was the lowest level since November 6.
Spot yuan opened at 6.2763 per dollar and was changing hands at 6.2754 near midday, 24 weaker than the previous close and 1.97 percent weaker than the midpoint. The offshore yuan was trading 0.19 percent weaker than the onshore spot at 6.2872 per dollar. Offshore one-year non-deliverable forwards contracts (NDFs), considered the best available proxy for forward-looking market expectations of the yuan's value, traded at 6.418, or 4.11 percent weaker than the midpoint.
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