Yuan edges up, central bank sets stronger midpoint on dollar fall

SHANGHAI: The Chinese yuan firmed slightly on Wednesday morning after the central bank set a slightly stronger official midpoint to reflect a small fall in the dollar the day before.

Traders said that both market players and regulators at the People's Bank of China (PBOC) are focused on tracking trends in the dollar index, given the absence of market-moving domestic factors.

Spot yuan was trading at 6.2183 per dollar, or 15 pips stronger than Tuesday's close of 6.2198, near midday. Traders said banks and their clients were largely comfortable with the current level of the dollar/yuan rate.

Trading volume rose to a decent $7.6 billion, up from Tuesday morning's $4.7 billion.