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China’s yuan weakens, defying broader Asia gains
China’s yuan eased against the dollar on Tuesday, defying wider gains in Asian currencies as foreign dividend payments and prevailing economic concerns offset any lift from broad greenback weakness. Prior to the market open, the People’s Bank of China set the midpoint rate, around which the yuan is allowed to trade in a 2% band, at 7.1083 per US dollar prior to market open, the strongest level since May 22. In the spot market, the onshore yuan opened at 7.2400 per dollar and was changing hands at 7.2456 at midday, 43 pips weaker than the previous late session close and 1.93% away from the midpoint. A raft of ... (full story)