China’s yuan was steady against the dollar on Thursday, as strength in the dollar index as Middle East tensions and concerns about the Federal Reserve’s rate decisions offset some optimism from China’s better-than-expected economic data. Beijing’s persistent stabilisation efforts to slow the yuan’s weakening trend also offered some support during the day, through the central banks’s strong fixing bias. The People’s Bank of China set the midpoint rate, around which the yuan is allowed to trade in a 2% band, at 7.1795 per US dollar prior to market open. In the spot market, the yuan opened at 7.3101 per dollar and was ... (full story)