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Yuan firms after slightly better-than-expected Chinese growth data
[SHANGHAI] China's yuan firmed slightly on Tuesday after the government posted better-than-expected economic growth for the fourth quarter and full-year 2014.
China's economic growth held steady at 7.3 per cent in the fourth quarter from a year earlier, slightly better than expected but still hovering at its weakest since the global financial crisis, keeping pressure on policymakers to head off a sharper slowdown.
Also, the People's Bank of China set the midpoint rate at 6.1226 per dollar prior to the market opening, firmer than the previous fix of 6.123, giving the spot yuan a moderate boost.
The spot market opened at 6.2194 per dollar and was changing hands at 6.2156 at midday, 0.08 per cent stronger than the previous close.
The offshore yuan was trading 0.07 per cent weaker from the onshore spot at 6.2199 per dollar.