China's yuan inches up on central bank's guidance

SHANGHAI: China's yuan firmed slightly against the dollar on Wednesday after the central bank set the guidance rate higher.

The People's Bank of China set the midpoint rate at 6.1450 per dollar prior to market open, up 0.02 percent from the previous fix. The spot rate is currently allowed to trade 2 percent above or below the midpoint.

The spot market opened at 6.1450 per dollar, and was changing hands at 6.1441 by midday, up 0.03 percent from the previous close.