September 1, 2015 / 2:00 AM / 2 years ago

Yuan opens firmer on higher official fix

SHANGHAI (Reuters) - China’s yuan firmed at the open on Tuesday after a higher official fix.

A customer holds a 100 Yuan note at a market in Beijing, August 12, 2015. REUTERS/Jason Lee

The People’s Bank of China set the midpoint rate at 6.3752 per dollar prior to the market open, firmer than the previous day’s closing quote at 6.3763.

The spot market opened at 6.3750 per dollar and was changing hands at 6.3750 in early trade, 13 pips below the previous close. The spot rate is currently allowed to trade 2 percent above or below the official fixing on any given day.

The offshore yuan was trading 1.05 percent below the onshore spot at 6.4425 per dollar.

Reporting by Samuel Shen and Pete Sweeney; Editing by Shri Navaratnam

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