China's yuan inched higher against the dollar on Wednesday after the Central Bank set the daily fixing higher-than-expected and as investors bided time ahead of a widely-awaited speech by the Federal Reserve chief later in the week.
The People's Bank of China set the midpoint rate , around which the yuan is allowed to trade in a 2% band, at 7.1988 per U.S. dollar prior to market open, firmer than the previous fix at 7.1992 and over 1,000 pips stronger than market projections. The spot yuan opened at 7.2870 per dollar and was changing hands at 7.2925 at midday, 15 pips stronger than the previous late session close and 1.30% weaker than the midpoint.
The offshore yuan was trading 0.10% weaker than the onshore spot at 7.2996 per dollar.
Source: zawya.com
