China's yuan traded in a tight range on Wednesday, weakening slightly against the dollar, ahead of a US Federal Reserve meeting that could provide hints on how much monetary tightening to expect for the remainder of the year. The People's Bank of China set the midpoint rate at 6.9115 per dollar prior to the market opening, which was firmer than Tuesday's rate of 6.9118.
The Thomson Reuters/HKEX Global CNH index, which tracks the offshore yuan against a basket of currencies on a daily basis, stood at 95.16, firmer than the previous day's 95.1.
The global dollar index fell to 101.67 from the previous close of 101.7.
The offshore yuan was trading 0.20 percent firmer than the onshore spot at 6.9005 per dollar.
Offshore one-year non-deliverable forwards contracts (NDFs), considered the best available proxy for forward-looking market expectations of the yuan's value, traded at 7.135, 3.13 percent weaker than the midpoint.
Comments
Comments are closed.