Market sees moves to stabilize yuan

RMB weakest vs greenback since Nov; may gain firmer footing in second half

Additional policy measures supportive of yuan stability appear to be in the pipeline, to counter the lingering uncertainties of US monetary policy and help the Chinese currency gain a firmer footing against the greenback in the second half of the year, analysts said.

Their comments came after the yuan fell to the weakest level against the US dollar since November in both onshore and offshore trading on Wednesday.

The offshore yuan reached 7.3115 against the US dollar in the morning session on Wednesday, plumbing the key 7.31 mark, while the onshore yuan stood at 7.2734 at 16:30, down 20 basis points from the previous session.