SHANGHAI: China’s yuan was flat against the dollar on Tuesday after the central bank set the official guidance rate almost unchanged, reinforcing the message that monetary authorities would like to keep the yuan steady for now, traders said.
The People’s Bank of China (PBOC) set the midpoint rate at 6.1166 per dollar prior to market open, only 0.01 per cent firmer than the previous fix at 6.1172.
The spot market opened at 6.2094 and traded in a narrow range in the morning. It was changing hands at 6.2090 at midday and was flat in the percentage term from the previous close.
The spot market opened at 6.2094 and traded in a narrow range in the morning. It was changing hands at 6.2090 at midday and was flat in the percentage term from the previous close.
“The market is roughly in a balance of dollar supply and demand,” said a trader at a European bank in Shanghai.
The offshore yuan was trading 0.09 per cent weaker from the onshore spot at 6.2145 per dollar.
