China's yuan midpoint slips to fresh 4.5 year low

(MENAFN- Kuwait News Agency (KUNA)) TOKYO Dec 16 (KUNA) -- China's central bank on Wednesday weakened the mid-point rate for the Chinese yuan (renminbi) against the US dollar at the lowest level in more than four years.The People's Bank of China set the central parity rate an official reference for daily trading at CNY 6.4626 per dollar before the interbank market opens down 0.67 from Tuesday's CNY 6.4559 according to the China Foreign Exchange Trading System.The official rate weakened for the eighth consecutive day and touched its lowest level against the US dollar since July 2011. The slip comes as US Federal Reserve is widely expected to raise interest rates later this week which could result in further dollar strength in the near term.In China's spot foreign exchange market the central bank strictly controls trading of the yuan. It sets the daily official rate every morning and allows the yuan to rise or fall up to 2 percent from the rate. (end) mk.gta