Onshore yuan closes 23 basis points lower against the U.S. dollar

The onshore yuan closed at 6.6705 per U.S. dollar, down 23 basis points from the previous close. The PBOC’s midpoint weakened to 6.7191, its lowest in nearly three weeks; stronger-than-expected U.S. inflation and steady employment bolstered expectations of another Federal Reserve rate increase and supported the dollar.