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Yuan opens firmer after higher official fix, rebounds from lows

China's central bank on Tuesday cut its benchmark interest rates and the amount of cash banks must keep on hand, the latest stimulus aimed at boosting the world's second-largest economy as it battles a collapse in share prices.

[SHANGHAI] China's yuan firmed at the open on Tuesday, after closing at its weakest level since 2011 on the previous day.

The People's Bank of China set the midpoint rate at 6.3987 per dollar prior to market open, firmer than the previous day's close at 6.4044.

The spot market opened at 6.4149 per dollar and was changing hands at 6.4100 in early trade, 56 pips away from the previous close and 0.18 per cent away from the midpoint. The spot rate is currently allowed to trade with a range 2 per cent above or below the official fixing on any given day.

The offshore yuan was trading 1.06 per cent away from the onshore spot at 6.479 per dollar.


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