China's yuan weakened against the US dollar on Tuesday and is on track to end the month slightly stronger, with the market awaiting details from US President Donald Trump's speech before Congress late today. The People's Bank of China set the midpoint rate at 6.875 yuan per dollar prior to market open, firmer than the previous fix 6.8814.
The spot market opened at 6.8722 per dollar and was changing hands at 6.8703 at midday, 3 pips stronger than the previous late session close and -0.07 percent stronger than the midpoint. The yuan has risen 0.16 percent for the month. Offshore one-year non-deliverable forwards contracts (NDFs), considered the best available proxy for forward-looking market expectations of the yuan's value, traded at 7.072, -2.79 percent weaker than the midpoint.
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