Yuan weakens

China's yuan oscillated between gains and losses on Wednesday, as the market lost direction before the December holiday period, traders said. The People's Bank of China set the midpoint at 6.9489 per dollar prior to the market opening, weaker than the previous fix 6.9468.
The spot market opened at 6.9482 per dollar and was changing hands at 6.9492 at midday, only 2 pips softer than the previous late session close and was flat compared with the midpoint. The offshore yuan was trading at 6.9397 per dollar, 0.14 percent firmer than the onshore spot.