Yuan steady amid stimulus speculation

Reuters : Wed Oct 10 2012, 03:29 hrs

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The yuan closed little changed as a weaker daily reference rate and the International Monetary Fund's downgrade of its growth estimate was tempered by speculation that China will enact more stimulus measures. The People's Bank of China lowered the fixing by 0.02% to 6.3441 per dollar, which was 0.9% weaker than Monday's closing spot price. The IMF cut its estimate for 2012 growth by 0.2 percentage point to 7.8%. The Chinese Communist Party is holding its congress starting November 8, which will also include a once-a-decade power handover, while US presidential elections are due next month.

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