HONG KONG: China’s yuan fell slightly against the US dollar after the central bank set a weaker midpoint on Wednesday, but trading stayed in a narrow range as traders awaited clues on market direction.

The People’s Bank of China set the midpoint rate at 6.883 per dollar prior to market open, weaker than the previous fix of 6.879.

The spot market opened at 6.8819 per dollar and was changing hands at 6.8814 at midday, 4 pips weaker than the previous late session close and 0.02 percent stronger than the midpoint. It traded between 6.8825 and 6.8763 in the morning.

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

The global dollar index fell to 101.3 from the previous close of 101.37.—Reuters