September 21, 2015 / 1:49 AM / 5 years ago

China's yuan opens weaker in line with midpoint fix

SHANGHAI, Sept 21 (Reuters) - China’s yuan slipped against the dollar at the open on Monday in line with the central bank’ weaker official midpoint fix.

The People’s Bank of China set the midpoint rate at 6.3676 per dollar prior to market open, weaker than the previous fix of 6.3607, and weaker than the previous closing quote 6.3643.

The spot market opened at 6.3670 per dollar and was changing hands at 6.3685 in early trade, 42 pips weaker than the previous close and 0.01 percent weaker than the midpoint. The spot rate is allowed to trade with a range 2 percent above or below the official fixing on any given day.

In a related development, China’s central bank has ordered banks to tighten supervision of their clients’ foreign exchange deals to prevent cross-border arbitrage, and raised trading fees charged to some banks to settle their clients’ forex deals, sources told Reuters on Friday.

The offshore yuan was trading 0.45 percent weaker than the onshore spot at 6.397 per dollar. (Reporting by the Shanghai Newsroom; Editing by Eric Meijer)

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