21:03, 28-Mar-2018
China FX: Yuan stabilizes against US dollar
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China's yuan stabilized against the US dollar Wednesday after a rollercoaster run a day earlier. It was the strongest level since August 2015. Before the market opened, the People's Bank of China set its official yuan midpoint at 6.2785 per dollar. That was 31 pips or 0.05 percent firmer than Tuesday's fix of 6.2816.
In the spot market, the onshore yuan opened at 6.2697 per dollar and was changing hands at 6.2777 at midday. That was only 2 pips weaker than the previous late session close. Experts say the pursuit of Chinese crude oil futures by foreign investors has triggered a wave of investment in the dollar for Chinese yuan.