China lowers yuan mid-point by most in 7 weeks

SHANGHAI, March 29 (Reuters) - China's central bank on Thursday lowered its official yuan midpoint by the most in seven weeks to 6.3046 per dollar, reflecting a rebound in the U.S. dollar overnight in overseas markets and spot yuan performance a day earlier.

Thursday's midpoint was 261 pips, or 0.4 percent, weaker than Wednesday's fix of 6.2785. The move in the official guidance rate was the biggest one-day weakening in percentage terms since Feb. 9.

Traders said Tuesday's official fixing largely matched market expectations.

The dollar rose to a one-week high against a basket of major currencies on Wednesday, rebounding further from a five-week low touched the prior session, supported by quarter-end flows into the greenback as investors also shook off fears of a trade war. (Reporting by Winni Zhou and John Ruwitch; Editing by Sam Holmes)