Yuan eases

SHANGHAI: China´s yuan weakened slightly against the U.S. dollar on Tuesday, pulled down by a softer official midpoint following a rise in the greenback overnight.

Prior to market opening, the People´s Bank of China set the midpoint rate at 6.7485 per dollar, 75 pips or 0.1 percent weaker than the previous fix of 6.7410. The move in the yuan guidance, its biggest one-day weakening in percentage terms in three weeks, was mainly due to a rebound in the greenback overnight in the overseas markets on upbeat U.S. economic data, traders said.  The dollar index, a gauge that measures dollar strength against six other major currencies, stood at 93.934 at midday, having pulled up from Monday´s trough of 93.823, its lowest level since June 2016. The spot market opened at 6.7525 per dollar and was changing hands at 6.7507 at midday, only 5 pips weaker than the previous late session close and 0.03 percent softer than the midpoint.