China’s yuan inches higher, shrugging off dollar strength

    SHANGHAI, Aug 18 (Reuters) - China's yuan inched higher
against the dollar on Wednesday, unfazed by a firmer greenback
and rising risk aversion in global markets, as investors
continued to wait on policy signals from central banks before
making bets on the local currency.
    Traders said market attention is on the minutes from the
Federal Reserve's July meeting, due later in the session, for
clues on the possible timing of tapering. Any specific comments
or plans could bring huge volatility to the dollar and major
    Prior to market opening, the People's Bank of China (PBOC)
set the midpoint rate at a near three-week low of
6.4915 per dollar, 150 pips or 0.23% weaker than the previous
fix of 6.4765. 
    In the spot market, onshore yuan opened at 6.4850
per dollar and was changing hands at 6.4821 at midday, 37 pips
firmer than the previous late session close.    
    The yuan remained stuck in a tight range of about 40 pips...

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