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SHANGHAI, July 12 (Reuters) - China’s shares rebounded from heavy losses on Thursday, but the yuan fell after the country’s central bank set the currency’s daily midpoint at its weakest level in nearly a year.
The Shanghai Composite index was up 0.7 percent in early trade, and the blue-chip CSI300 index gained 0.9 percent.
Shares in Hong Kong also edged higher, rising 0.2 percent.
China’s yuan weakened after the People’s Bank of China (PBOC) set its official daily fixing at 6.6726 per dollar, its weakest level since Aug. 18, 2017.
It was the biggest one-day percentage weakening of the midpoint rate since Jan. 9, 2017. The onshore yuan opened at 6.7 per dollar and was changing hands at 6.6960 as of 0154 GMT. (Reporting by Andrew Galbraith; Editing by Sam Holmes)