China's yuan rose marginally against the dollar on Thursday after the central bank fixed its official midpoint slightly stronger. The People's Bank of China set the midpoint rate at 6.1126 per dollar prior to market open, 0.05 percent firmer than the previous fix 6.1158. The spot market opened at 6.2076 per dollar and was changing hands at 6.2091 at midday, 0.01 percent stronger than the previous close.
The central bank has been using its daily fixing and market interventions to maintain stability in the yuan since mid-March as the government has pledged to maintain a steady exchange rate to cushion a slowdown in the world's second-largest economy. Traders said the yuan is likely to trade narrowly between 6.18 and 6.22 in the near term as the market awaits a change in Beijing's stance towards the currency. The offshore yuan was trading 0.02 percent stronger from the onshore spot at 6.2077 per dollar.