China's yuan eased on Thursday, on course for its worst day in nearly two weeks due to heavy corporate demand for the dollar. The US currency was largely steady in global markets as doubts over the progress of US tax reforms offset solid inflation data. Prior to market opening on Thursday, the People's Bank of China set the midpoint rate at 6.6286 per dollar, 23 pips or 0.03 percent weaker than the previous fix of 6.6263 on Wednesday.
Multiple traders said Thursday's official fixing was in contrast to their forecasts, which had priced in a firmer spot yuan the day before. In the spot market, the onshore yuan opened at 6.6317 per dollar and was changing hands at 6.6379 at midday, 184 pips weaker than the previous late session close and 0.14 percent softer than the midpoint.
The Thomson Reuters/HKEX Global CNH index, which tracks the offshore yuan against a basket of currencies on a daily basis, stood at 95.47, weaker than the previous day's 95.49. The global dollar index rose to 93.894 from the previous close of 93.813. The offshore yuan was trading 0.03 percent weaker than the onshore spot at 6.64 per dollar.
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