Market News
China's yuan weakens slightly in thin holiday trading - REUTERS
SHANGHAI, Dec 29 (Reuters) - China's yuan weakened against a firmer greenback on Wednesday in thin end-of-year trade, as a slight pullback in equities markets supported safe-haven assets like the dollar.
The People's Bank of China set the midpoint rate at 6.3735 per dollar prior to market open, weaker than the previous fix of 6.3728.
The spot market opened at 6.3720 per dollar and was changing hands at 6.3715 at midday, 25 pips softer from the previous late session close.
The dollar firmed slightly in early Asian trade on Wednesday as a recent rally in shares showed signs of petering out. read more
China's central bank has repeatedly vowed to keep the yuan steady, and governor Yi Gang told official told state media on Tuesday that the economy and market must by stabilised. read more
The central bank will use various tools to support the real economy, with a particular focus on smaller businesses and technology firms, Yi told Xinhua News Agency.
In addition, the PBOC will by the end of the month issue its first batch of low-cost loans to financial institutions to facilitate carbon emission cuts, Yi said.
A broad dollar index rose to 96.196 from the previous close of 96.13, while the offshore yuan was trading -0.03% away from the onshore spot at 6.3732 per dollar.
