China's yuan edged up against the dollar on Wednesday after the central bank set a firmer midpoint and state media warned billionaire investor George Soros against betting on falls in the Chinese currency and Hong Kong dollar. The People's Bank of China set the midpoint rate at 6.5533 per dollar prior to market open, 0.02 percent firmer than the previous fix 6.5548. The spot market opened at 6.5780 per dollar and was changing hands at 6.5797 at midday, 0.03 percent stronger than the previous close.
On Wednesday, the offshore yuan was trading 0.50 percent weaker than the onshore spot at 6.6129 per dollar. The onshore yuan weakened 0.2 percent against the euro to 7.1498. It firmed 0.1 percent against the Japanese yen, hovering at 5.5697 to 100 yen. "Foreign currency demand appeared to be mild so the market remained stable," said a trader at a Chinese commercial bank in Shanghai. Traders reported that there was a bout of dollar buying in late trade on Tuesday as some investors took defensive tactics against the yuan's further depreciation.
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