China's yuan near 1-month low, losses stemmed by Evergrande relief - NewsBreak

SHANGHAI, Sept 22 (Reuters) - China's yuan weakened to a near one-month low against the dollar on Wednesday, the first trading day after the Mid-Autumn Festival holiday, as some investors caught up on a recent rally in the greenback. But losses were capped after heavily indebted Chinese property giant Evergrande said it would make an bond coupon due on Thursday, offering some relief to investors worried about a possible default. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate at 6.4693 per dollar, 166 pips, or 0.26%, softer than the previous fix of 6.4527, and the weakest since Aug. 27. In the spot market, onshore yuan opened at 6.4725 per dollar and fell to a low of 6.4737, the weakest level since Aug. 27. By midday, it was changing hands at 6.4714, 53 pips softer than the previous late session close. Traders said the Federal Reserve's policy meeting remained the key focus as markets were anxious about the pace of pandemic-era stimulus withdrawal, whic