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China’s yuan holds steady, investors cautious after PBOC moves

Mount Equity Group Tokyo, Japan > News > Markets > China’s yuan holds steady, investors cautious after PBOC moves

SHANGHAI, Dec 16 (Reuters) – China’s yuan held steady against the dollar on Thursday, amid concerns authorities are becoming less tolerant about the currency’s recent gains and as a slew of central bank decisions elsewhere kept investors cautious.

The latest measures by the People’s Bank of China, including purchases of foreign exchange from banks and more quotas for outbound investments, suggest authorities have grown less comfortable with the yuan’s strength and attempted to slow its rapid rise. read more

Prior to market opening, the PBOC set the midpoint rate at a one-week high of 6.3637 per dollar, 79 pips, or 0.12%, firmer than the previous fix of 6.3716.

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But the official midpoint has been persistently softer than market projections since mid-November, traders said, with Thursday’s fixing 12 pips weaker than Reuters’ estimate of 6.3625.

In the spot market, the onshore…

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