SHANGHAI: The Chinese yuan gained incrementally on Tuesday morning after the central bank kept its official midpoint almost flat to reflect small movement of the dollar in global markets.
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 6.2204 at midday, only 9 pips stronger than Monday's close of 6.2213. Traders said banks and their clients were largely comfortable with the current level of the dollar/yuan rate.
Trading volumes continued to slow in morning trade, continuing a trend that began last Wednesday. Volume came in at $4.7 billion by midday, down from $5.6 billion during Monday's morning session.
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