SHANGHAI: China’s yuan held steady on Tuesday as investors waited for news from a closed-door meeting of top leaders who will discuss economic targets and map out stimulus plans for 2024.
The annual Central Economic Work Conference (CEWC), during which President Xi Jinping and other top officials chart the course for the world’s second-largest economy, began on Monday and is likely to end on Tuesday, the sources said.
Prior to the market’s opening, the People’s Bank of China set the midpoint rate, around which the yuan is allowed to trade in a 2% band, at 7.1174 per US dollar, 11 pips weaker than the previous fix 7.1163.
The spot yuan opened at 7.1738 per dollar and was changing hands at 7.1766 at midday, only 16 pips weaker than the previous late session close.
The offshore yuan was trading 102 pips weaker than the onshore spot at 7.1868 per dollar, after touching its weakest level in three weeks in late Monday session.
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