Yuan opens firmer after higher official fix, rebounds from lows
SHANGHAI – China’s yuan firmed at the open on Tuesday, after closing at its weakest level since 2011 on the previous day.
The People’s Bank of China set the midpoint rate CNY=SAEC at 6.3987 per dollar prior to market open, firmer than the previous day’s close at 6.4044.
The spot market CNY=CFXS opened at 6.4149 per dollar and was changing hands at 6.4100 in early trade, 56 pips away from the previous close and 0.18 percent away from the midpoint. The spot rate is currently allowed to trade with a range 2 percent above or below the official fixing on any given day.
The offshore yuan was trading 1.06 percent away from the onshore spot at 6.479 per dollar. -Reuters