December 5, 2017 / 1:40 AM / in a year

China fixes yuan midpoint weaker for 7th straight session

SHANGHAI, Dec 5 (Reuters) - China’s central bank set its official yuan midpoint at 6.6113 per dollar on Tuesday, lowering it for a seventh straight trading day and marking the longest weakening run since mid-November.

Tuesday’s official midpoint, 8 pips softer than the previous fix of 6.6015 per dollar on Monday, was the weakest level since Nov.22.

Market participants said the official fix was in line with their forecasts, reflecting the dollar’s movements in global trade.

The dollar held on to modest gains against its peers on Tuesday, with the rise it saw at the start of the week slowing as the market awaited the next phase of the U.S. tax reform saga for cues.

Reporting by Winni Zhou and John Ruwitch; Editing by Eric Meijer

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