China's yuan opens at 2-1/2 month low on global dollar strength

By Reuters   May 18, 2016 | 06:25 pm PT
China's yuan opened weaker on Thursday, hitting its lowest level since early March, after minutes from the U.S. Federal Reserve's last policy meeting increased expectations for a June rate hike, sending the dollar higher.

The Chinese currency opened at 6.5490 per dollar versus the previous close at 6.5398. The People's Bank of China set its midpoint rate for the currency at its lowest level since early February to reflect the dollar's strength, traders said.

The dollar stood tall in Asian morning trading on Thursday, after racing to multi-week highs when the Fed's minutes on the latest policy meeting rekindled expectations for a June interest rate hike.

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