BEIJING: China’s yuan held steady against the dollar on Tuesday, after the central bank set a weaker midpoint for the second day to reflect global dollar strength.
The People’s Bank of China set the midpoint rate at 6.118 per dollar prior to market open, weaker than the previous fix of 6.1165.
The spot market opened at 6.2085 per dollar and was changing hands at 6.2081 at midday, 9 pips stronger than the previous close and 1.47 percent weaker than the midpoint. It traded within a narrow range between 6.2101 and 6.2077.
The spot rate is allowed to trade with a range 2 percent above or below the official fixing on any given day.
The dollar was slightly firmer against a basket of major currencies early on Tuesday, advancing against the euro and sterling in thin trade with several key financial centres shut for holidays.
