China c.bank daily yuan/dollar midpoint weakens most since last August
SHANGHAI, May 4 (Reuters) - The People's Bank of China (PBOC) on Tuesday set its yuan/dollar midpoint rate at 6.4943 prior to the market opening, weakening 0.6 percent from the previous day's fix of 6.4565.
This was the biggest daily weakening in the Chinese central bank's official guidance rate for the yuan since mid-August last year.
The move, while reflecting the dollar's overnight rebound in global markets, was in line with the Chinese central bank's recent reforms to allow the Chinese currency to increase its two-way volatility, traders said.
(Reporting by Lu Jianxin and Shanghai Newsroom; Editing by Sam Holmes)
