China's yuan firmed against the dollar on Thursday after the central bank offered more reassurances to markets worried by the currency's recent sharp falls.
"Even if the yuan exchange market has a panic unilateral trend, there are abundant tools to calm the 'herd effect' and ensure the smooth operation of the foreign exchange market," the Financial News, a publication backed by the People's Bank of China , said on Wednesday.
Spot yuan opened at 7.2507 per dollar and was changing hands at 7.2489 at midday, 31 pips stronger than the previous late session close and 0.54% weaker than the midpoint. That, coupled with the strong daily fixings this week, signals that the PBOC is keen to anchor the midpoint fixing at 7.19 to 7.2 per dollar "so that the spot yuan won't weaken further to the 7.3 level," said Ken Cheung, chief Asian FX strategist at Mizuho.
Investors will also be looking for signals from Janet Yellen's first trip to China as U.S. Treasury Secretary starting later in the day. It will focus on
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