China's yuan falls vs dlr on weaker-than-expected factory data
SHANGHAI, Sept 15 (Reuters) - China's yuan weakened against the dollar on Monday as growth fears deepened after the release of China's factory output data over the weekend, offsetting a firmer midpoint set by the central bank. China's factory output grew at the weakest pace in nearly six years in August while growth in other key sectors also cooled. The People's Bank of China (PBOC) set the midpoint rate at 6.1452 per dollar prior to market open, up 0.03 percent from the previous fix. The spot rate is currently allowed to trade 2 percent above or below the midpoint. But the yuan's spot rate was changing hands at 6.1387 by midday, down 0.07 percent from the previous close. The onshore spot yuan market at a glance: Item Current Previous Change PBOC midpoint 6.1452 6.1468 0.03% Spot yuan 6.1387 6.1346 -0.07% Divergence from midpoint* -0.11% Spot change ytd -1.38% Spot change since 2005 revaluation 34.82% *Divergence of the dollar/yuan exchange rate. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2 percent from official midpoint rate it sets each morning. OFFSHORE CNH MARKET The offshore yuan market at a glance: Instrument Current Difference from onshore Offshore spot yuan * 6.1458 -0.12% Offshore non-deliverable 6.232 -1.39% forwards ** *Premium for offshore spot over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint. . >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> FACTBOX - Yuan and capital account reforms and pilot programmes RECENT DEVELOPMENTS - PBOC cuts back on intervention, but not totally hands off - China's weak currency disappoints carry traders - Hong Kong should cherish its standing as offshore yuan hub - China c.banker - US warns China over currency depreciation - Capital flows, improving trade to prop up yuan in H2 KEY DATA POINTS - Yuan spot performance versus midpoint after trading band widened http://link.reuters.com/req62w - China's yuan, other emerging mkt currencies vs dollar http://link.reuters.com/xyd46v - Global currency performance INTERACTIVE GRAPHIC: http://link.reuters.com/cyx46v - China's trade surpluses mainly driven by weak imports rather than strong exports. GRAPHIC: http://link.reuters.com/qav68s - The yuan resumes appreciating on a trade-weighted basis GRAPHIC: http://link.reuters.com/sed74t >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> (Reporting By Shanghai Newsroom; Editing by Jacqueline Wong)
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