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Yuan opens weaker on Monday despite IMF thumbs up
November 16, 2015 / 1:40 AM / in 2 years

Yuan opens weaker on Monday despite IMF thumbs up

SHANGHAI, Nov 16 (Reuters) - China’s yuan weakened at open on Monday, after staff at the International Monetary Fund (IMF) recommended that the currency be included in the IMF’s special currency reserve.

The People’s Bank of China set the midpoint rate at 6.375 per dollar prior to market open, weaker than the previous fix of 6.3655, and weaker than the previous day’s closing quote 6.374.

The spot market opened at 6.3748 per dollar and was changing hands at 6.3748 in early trade, 8 pips away from the previous close and nearly identical with the midpoint. The spot rate is currently allowed to trade with a range 2 percent above or below the official fixing on any given day.

The offshore yuan was trading -0.55 percent away from the onshore spot at 6.4103 per dollar. (Reporting by Pete Sweeney; Editing by Eric Meijer)

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