China's yuan almost unchanged after moving in narrow range

SHANGHAI: China's yuan was barely changed against the dollar on Thursday, moving in a narrow range after the central bank set its daily midpoint rate nearly flat.

Traders said the generally flat midpoint fixings of late signalled the PBOC's intention to hold the yuan steady, as growth of the world's second-largest economy appears to be faltering again.

On Thursday, the People's Bank of China (PBOC) set the midpoint rate at 6.1638 per dollar prior to market open, up 0.03 percent from the previous fix. The spot rate is currently allowed to trade 2 percent above or below the midpoint.

The spot market opened at 6.1420 per dollar, and was changing hands at 6.1425 at midday, only 0.01 percent firmer from the previous close.