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Traders said that both market players and regulators at the People's Bank of China (PBOC) are focused on tracking trends in the dollar index, given the absence of market-moving domestic factors.
Spot yuan was trading at 6.2204 at midday, only 9 pips stronger than Monday's close of 6.2213. Traders said banks and their clients were largely comfortable with the current level of the dollar/yuan rate.
Trading volumes continued to slow in morning trade, continuing a trend that began last Wednesday. Volume came in at $4.7 billion by midday, down from $5.6 billion during Monday's morning session.