Yuan steady against dollar

SHANGHAI: China’s yuan held steady against the dollar on Wednesday, as investors awaited the Federal Reserve’s first policy decision under Chair Kevin Warsh while they considered remarks from top regulators at an annual forum in Shanghai.

The spot yuan opened at 6.7570 per dollar and was trading at 6.7565 as of 0230 GMT, 10 pips firmer than the previous late session close as it hovered near its lowest level in more than three years.

The yuan is up 3.5 percent this year, moving closer to the 6.7 level last seen in early 2023.

Prior to the market opening, the PBOC set the midpoint rate at 6.8096 per dollar, 527 pips weaker than a Reuters’ estimate. The spot yuan is allowed to trade 2 percent either side of the fixed midpoint each day.