China sets yuan midpoint set at weakest level since global financial crisis

Credit: REUTERS/DADO RUVIC

SHANGHAI, April 3 (Reuters) - China's central bank on Friday lowered its official yuan midpoint to the weakest level since the 2008 global financial crisis, reflecting broad dollar gains as investors sought safety amid the deepening economic fallout from the coronavirus pandemic. FRX/

The People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 7.1104 per dollar prior to the market open, 109 pips, or 0.15%, weaker than the previous fix of 7.0995, and the weakest since March 6, 2008.

(Reporting by Winni Zhou and Noah Sin Editing by Shri Navaratnam)

((winni.zhou@thomsonreuters.com; +86 21 2083 0100; Reuters Messaging: winni.zhou.thomsonreuters.com@reuters.net))

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