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Yuan holds steady as PBOC eases guidance, dollar firms
HONG KONG: China’s yuan was little changed against the dollar on Wednesday after the central bank set a weaker daily midpoint, with bolstered expectations of further US rate hikes capping its strength and supporting the greenback. The onshore yuan last traded 0.09% higher at 6.6746 to the dollar. Its offshore counterpart traded at 6.6736 per dollar, up about 0.04% in Asian trade. Prior to the market opening, the People’s Bank of China set the midpoint rate at 6.7191 per dollar, its weakest since October 22 and 336 pips weaker than a Reuters estimate. The spot yuan is allowed to trade 2% eithe...
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