China’s yuan weakens as Pelosi visit to Taiwan heightens tensions

From brecorder.com

China’s yuan weakened slightly on Wednesday as tensions over a visit to Taiwan by US House of Representatives Speaker Nancy Pelosi dampened sentiment. The People’s Bank of China set the midpoint rate at 6.7813 per dollar prior to the market open, weaker than the previous fix 6.7462. In the spot market, the yuan opened at 6.7585 per dollar and was changing hands at 6.7515 at midday, 15 pips weaker than the previous late session close. Pelosi’s arrival on Tuesday in Taiwan, which China considers a breakaway province, prompted a furious response from Beijing at a time when international tensions already are ... (full story)