China's yuan weakened on Monday, changing hands at 6.2227 per dollar at midday, after the central bank set a weaker official midpoint. The People's Bank of China set the midpoint rate at 6.1205 per dollar prior to market open, weaker than the previous fix 6.1186.
The spot market opened at 6.2148 per dollar and was changing hands at 6.2227 at midday, firming 98 points from the previous close and 1.67 percent away from the midpoint.
The spot rate is currently allowed to trade with a range 2 percent above or below the official fixing on any given day.
The yuan is on track for a 2.6 percent drop against the dollar this year, after the central bank engineered a sharp reversal early in 2014 to deter speculators betting on one-way appreciation.
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