China's yuan was largely flat against the US dollar on Tuesday, as support from a marginal loss in the greenback was eclipsed by weaker central bank guidance via its midpoint. The People's Bank of China (PBOC) lowered its official midpoint to 6.3247 per dollar on Tuesday, the weakest in more than two weeks, after a decline in the spot yuan a day earlier.
Tuesday's midpoint was 246 pips, or 0.39 percent, weaker than Monday's fix of 6.3001 and was the softest since Jan. 31. In the spot market, the onshore yuan opened at 6.3258 per dollar and was changing hands at 6.3275 at midday, only 7 pips softer than the previous late session close and 0.04 percent weaker than the midpoint.
Earlier on Tuesday, the PBOC said it injected 393 billion yuan ($62.14 billion) into the financial system via one-year medium-term lending facility (MLF) loans, with interest rates unchanged.
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