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China's yuan rebounds as PBOC lifts midpoint, dollar falls after Democrats take Congress
HONG KONG: China’s yuan bounced from a more than a two-week low against the dollar on Thursday, as the central bank lifted its midpoint rate and the greenback weakened as Democrats captured control of Congress in US midterm elections. The currency had come under pressure earlier this week after China’s move to raise the foreign-exchange reserve requirement ratio (RRR) tempered the yuan’s rally. The spot yuan was 0.09% higher at 6.6698 to the dollar as of 0318 GMT, after trading in a range of 6.6680 to 6.6727. Prior to the market opening, official yuan guidance was strengthened for the first ti...
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