China’s yuan weakened slightly against the dollar on Tuesday to a five-month low, after its central bank set the official guidance rate at the weakest level in nearly two months. The yuan was trading at 7.2447 per dollar at 0318 GMT, only 7 pips weaker than the previous close, after earlier hitting a 5-month low of 7.2455. The currency is down 2.1% this year, pressured by its relative low yields versus other currencies and outflows of foreign investment from an anaemic stock market. Prior to the market’s opening, the People’s Bank of China (PBOC) set the midpoint rate, around which the yuan is allowed to trade in a ... (full story)