China sets yuan midpoint weaker than 7 for second time this week

China‘s central bank set the yuan‘s midpoint weaker than 7 per U.S. dollar for the second time this week early Friday. The People‘s Bank of China set the daily reference point at 7.0136 yuan per dollar. That was stronger than analysts had expected, and offered more reassurance for investors that China was not kicking off an all-out currency war. Global stocks tumbled Monday after the yuan crossed the 7 level for the first time since 2008, and the U.S. Treasury Department labeled China a currency manipulator. Stock markets in Japan and Hong Kong , as well as U.S. stock futures were largely unfazed by Friday‘s move. The PBoC allows the yuan to fluctuate up to 2% higher or lower than the midpoint.

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