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Currencies

China sets yuan rate at fresh 11-year low, but remains firmer than expected

SHANGHAI (Reuters) -- China's central bank lowered its official yuan midpoint for the ninth straight day to a fresh 11-year low on Tuesday to reflect broad weakness in the local unit.

The People's Bank of China (PBOC) set the midpoint rate at 7.0326 per dollar prior to market open, 115 pips, or 0.16%, weaker than the previous fix of 7.0211 and the weakest since March 25, 2008.

But Tuesday's official guidance rate came in firmer than market expectations, traders said, a situation that has been persistently seen since last week after Beijing let its currency weaken past the key 7 per dollar level.

The official fixing was 95 pips, or 0.14%, firmer than Reuters' estimate of 7.0421 per dollar.

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