PBOC sets stronger midpoint rate at 6.4905

China's central bank on Friday set the official guidance rate for the yuan at 6.4905 against the dollar.

hat's 0.34 percent stronger than the previous fix. Spot yuan trade on the onshore market was down 0.27 percent to around 6.49 yuan per dollar.

Analysts say the European Central Bank's interest rate cuts sent global markets swirling. The analysts predict the yuan will continue to swing below the 6.5 mark against the dollar.