SHANGHAI: China's yuan barely moved against the dollar on Thursday as investors turn cautious after the conclusion of the APEC summit earlier this week, traders said.
China typically keeps its currency steady or lets it appreciate moderately during major political events to deflect criticism that Beijing holds down the value of the yuan to boost its export power.
Spot yuan traded at 6.1270 per dollar by midday, almost unchanged from the close on Wednesday when it touched a three-week low right after APEC ended.
The People's Bank of China (PBOC) set the midpoint at 6.1418, up a marginal 0.02 per cent from Wednesday's fix.
Traders said the market is divided on the future trend, making the central bank's guidance crucial in the near term.
original source: http://articles.economictimes.indiatimes.com/2014-11-13/news/56060863_1_apec-summit-yuan-china