January 6, 2017 / 8:59 AM / 8 months ago

China's onshore yuan pares gains of past two days

SHANGHAI (Reuters) - China’s yuan traded 0.6 percent weaker against the dollar late on Friday, paring sharp gains of the past two days, but is still on course for the best week in more than a month.

The spot market opened at 6.8789 per dollar and was changing hands at 6.9230 as of 4:30 p.m (0830 GMT), 400 pips weaker than the previous late session close and 0.82 percent softer than the midpoint.

The yuan had settled at 6.8817 at 4:30 p.m. on Thursday, and finished that day’s late session at 6.8830.

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

China takes the official market closing price at 4:30 p.m. (0830 GMT) into consideration when it fixes the official guidance rate, in an effort to let market forces play a bigger role in determining the yuan’s value. The market also has a special evening session lasting until 11:30 p.m.

Reporting by Winni Zhou and John Ruwitch; Editing by Jacqueline Wong

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