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China's yuan gains as Fed rate caution knocks dollar from 18-month high
SHANGHAI: China’s yuan inched higher against the dollar on Thursday after the US currency slipped from an 18-month peak as Federal Reserve officials cautioned about chances for a hike in interest rates this month, despite hotter-than-expected inflation data. In the spot market, the onshore yuan was 0.09% higher at 6.6918 per dollar by 0307 GMT, while its offshore counterpart fetched 6.6921. Prior to the market opening, the People’s Bank of China (PBOC) set the midpoint rate at 6.7253 per dollar, 276 pips weaker than a Reuters’ estimate of 6.6977. The spot yuan is allowed to trade 2% either sid...
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