China's yuan held steady against the dollar and traded narrowly on Wednesday, shrugging off the impact of a midpoint at seven-month lows and sluggish economic growth in the first quarter. Spot yuan changed hands at 6.2234 at midday, little changed from Tuesday's close of 6.2220. It traded between 6.2215 and 6.2262 in the morning.
The People's Bank of China (PBOC) fixed a weaker midpoint for the third day in a row at 6.1589, down 0.03 percent from the previous day's 6.1571. It is the lowest level since September, 2013. "It's difficult for the yuan to regain strength in the short term as the central bank is still waiting to see unambiguous evidence that hot money has flown out of China," said Wang Ju, a senior FX strategist at HSBC.
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