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Yuan's midpoint rate weakens against USD


01-29-2015 16:56 BJT

China's yuan eased on Thursday following a weaker midpoint, hovering a just few pips shy from the lower edge of the daily trading limit.

The central bank set the midpoint rate 53 pips lower against the USD. The yuan opened Thursday trade at 6.2531...that's just a whisker away from the lower 2-percent trading band.

Analysts say setting a weaker midpoint rate reflects the PBoC's intentions to stabilize the yuan. The currency hit its lowest point against the U.S. dollar in nearly eight months on Monday off the back of a strong U.S. dollar.

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