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Currencies

China sets yuan midpoint at new 11-1/2-year low

Central bank sets a firmer rate than traders had expected

SHANGHAI (Reuters) -- China's central bank lowered its official yuan midpoint to a fresh 11-1/2-year low on Tuesday, but at a firmer setting than traders had expected.

The People's Bank of China (PBOC) set the midpoint rate at 7.0810 per dollar prior to market open, 240 pips or 0.34% weaker than the previous fix of 7.0570 and the weakest since March 18, 2008.

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