Yuan opens firmer ahead of China GDP data

[SHANGHAI] China's yuan firmed at the open on Tuesday, ahead of the release of quarterly GDP data which is expected to point to the weakest economic growth in nearly seven years.

The People's Bank of China set the midpoint rate at 6.5596 per dollar prior to the market open, weaker than the previous fix of 6.559, and firmer than the previous day's closing quote of 6.5788.

The spot market opened at 6.5775 per dollar and was changing hands at 6.5795 in early trade, 7 pips away from the previous close and 0.30 per cent away from the midpoint.

The spot rate is allowed to trade with a range 2 per cent above or below the official fixing on any given day.

The offshore yuan (CNH) was trading 0.19 per cent softer than from the onshore spot at 6.5919 per dollar, weaker than the previous day's unofficial close of 6.586.

REUTERS