RMB Weakens Against Dollar As Fixing Hits Three-Year High

The onshore yuan closed at 6.7096 per dollar, down 34 pips from the previous day's 4:30 PM close and ending a two-session rise, according to ETNet. It traded between 6.7081 and 6.7138 during the day. The offshore yuan was up 57 pips at 6.7094. The daily midpoint was set at 6.7743, up 23 pips and the strongest since February 6, 2023, more than three years and seven months ago, but about 570 pips weaker than market estimates. Market participants said the yuan came under pressure as the dollar index, U.S. Treasury yields and international oil prices rose overnight, and they are watching U.S. inflation data later in the day for guidance.