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China's yuan holds ground ahead of Fed outcome
SHANGHAI: China’s yuan steadied against the dollar on Wednesday despite a much-strengthened official guidance rate set by the central bank, as investors stayed on the sidelines ahead of the Federal Reserve’s policy outcome due later in the day. The dollar clung to recent gains and traded near multi-week highs against a handful of major peers ahead of the Fed decision, with traders expecting the first of what could be several US interest rate hikes. Prior to the market opening, the People’s Bank of China (PBOC) set the midpoint rate at 6.7628 per dollar, its strongest since February 3, 2023, an...
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