June 23, 2021

Yuan inches higher, market looks to PBOC for hints on further gains

    SHANGHAI, May 21 (Reuters) - China's yuan inched higher on
Friday and looked set for a marginal weekly gain against a
weaker dollar as investor concerns about tapering talk by the
U.S. Federal Reserve eased.
    The dollar jumped briefly early in the week after minutes of
the last Fed meeting showed some officials appeared ready to
consider changes to monetary policy based on a continued strong
economic recovery. But it soon weakened again on views that any
tightening is still a long way off.
    Prior to the market opening, the People's Bank of China
(PBOC) set the midpoint rate at 6.43 per dollar, 164
pips or 0.26% firmer than the previous fix of 6.4464. 
    In the spot market, onshore yuan opened at 6.4337
per dollar and was changing hands at 6.4342 at midday, 13 pips
firmer than the previous late session close.
    Despite slight gains in the yuan on Friday, many traders...

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