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Yuan forwards drop after PBOC cuts reference rate

Yuan forwards fell as the central bank set the currency's reference rate at a two-month low after a rally in the greenback. The Bloomberg Dollar Spot Index, which tracks the currency against 10 peers, rose 2.3 percent in the four days through Monday as data showing the US economy is improving bolstered the greenback. The People's Bank of China cut the yuan's daily fixing by 0.03 percentage point to 6.1543 per dollar, the weakest level since Sept 5. Twelve-month non-deliverable forwards declined 0.03 percentage point to 6.2481 per dollar in Hong Kong, according to data compiled by Bloomberg. The contracts traded 2.1 percent weaker than the spot rate in Shanghai, which rose 0.05 percentage points to close at 6.1152, China Foreign Exchange Trade System prices show.

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