China's yuan rises for 2nd day on stronger midpoint

HONG KONG: China's yuan rose for a second consecutive day against the dollar on Thursday, after the central bank set the official guidance rate stronger, signaling its comfort with a stronger currency for now.

The People's Bank of China set the midpoint rate at 6.1461 per dollar prior to market open, slightly stronger from the previous fix. The spot rate is currently allowed to trade 2 percent above or below the midpoint.

The spot market opened at 6.1330 per dollar, up 0.1 percent from the previous close, and was changing hands at 6.1342 in late morning trades.

The spot rate was trading slightly stronger than the midpoint fixing in line with recent trends.