Yuan eases in tight trade

SHANGHAI: The yuan eased slightly against the US dollar on Monday, trading in tight ranges, after China kept key lending rates unchanged and as markets awaited further cues on Sino-US trade developments.

China kept benchmark lending rates steady on Monday, as expected, after it reported slightly better-than-expected second-quarter economic data.

The spot yuan opened at 7.1771 per dollar and was last trading at 7.179 as of 0311 GMT, 32 pips lower than the previous late session close and 0.37% weaker than the midpoint.

The onshore yuan was trading in narrow ranges in the morning session, with intraday volatility less than 30 pips.