(Yicai Global) April 10 -- The Chinese yuan started the morning a tad softer against the US dollar.
The onshore yuan-dollar spot rate opened at 6.7134, 14 bips weaker than yesterday's close. The offshore spot exchange rate was 6.7222 in the morning.
The People's Bank of China set the central parity rate between the two currencies at 6.7110 today, which means a 32 basis points stronger standing for the redback in comparison to yesterday.
The China Foreign Exchange Trade System, the interbank trading and forex division of the central bank, sets the benchmark on the morning of each business day. Spot rates may deviate 2 percent above or below the figure.
The yuan has been trading in a narrow range against the greenback since early March, following significant appreciation coinciding with the start of US-China trade talks that were kicked off again in December during a ceasefire.
Editor: Emmi Laine