Yuan weakens against dollar after sharp appreciation one day earlier, offshore yuan lost 7.23/dollar mark

 

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The offshore yuan weakens by more than 400 pips against the US dollar to breaks through 7.23 per dollar mark on Thursday, while the onshore yuan breaks through more than 400 pips to breaks through 7.21 per dollar mark. 

Before the market open on Thursday, the PBOC raised the yuan’s fixing by 68 pips to 7.1570 per US dollar, compared to a fixing of 7.1638 one day earlier.

That weak performance came after the yuan’s sharp strengthening against the greenback on Wednesday. The onshore yuan strengthened by more than 1,200 pips to recover 7.19 per dollar mark, while offshore yuan firmed more than 1,000 pips to recover 7.21 per dollar mark.