China's yuan edges up on central bank guidance

HONG KONG: China's yuan rose slightly against the dollar on Tuesday, following a stronger midpoint fix by the central bank.

The People's Bank of China fixed the official midpoint at 6.1325 per dollar, up 0.07 percent from Monday's 6.1369.

The spot yuan changed hands at 6.1494 near midday, up 0.04 percent from Monday's close at 6.1520. It traded in a narrow 6.1465 to 6.1510 range.

The spot rate is currently allowed to trade 2 percent above or below the midpoint.

The yuan traded weaker than the official guidance rate last Tuesday for the first time since late September, as appetite for the currency wanes after a surprise rate cut last month.