SHANGHAI: China’s yuan was flat on Wednesday as dollar supply and demand were roughly in balance, offsetting a slightly stronger midpoint and better-than-expected economic data for the second quarter.
The People’s Bank of China (PBOC) set the midpoint rate at 6.1152 per dollar prior to market open, 0.02 per cent firmer than the previous fix at 6.1165.
The spot market opened at 6.2090 per dollar and was changing hands at 6.2088 at midday, unchanged from the previous close.
China’s economy grew an annual 7.0 per cent in the second quarter, steady with the previous quarter and slightly better than analyst forecasts, though further stimulus is still expected after the quarter ended with a stock market crash.
Traders said the slightly better second-quarter GDP figures had no immediate impact on yuan trading.
