SHANGHAI, Oct 9 (Reuters) - China's yuan held steady against the U.S.<br>
<br>
<br>
<br>
dollar on Wednesday, as investors awaited more stimulus from the world's second-largest economy and <br>
<br>
the Federal Reserve's September meeting minutes due later in the day to gauge its policy <br>
<br>
path. The dollar held steady, giving some relief to the yuan after a sharp rally <br>
<br>
to a seven-week high last week.<br>
<br>
Spot yuan opened at 7.0650 per dollar and was last trading 12 pips lower <br>
<br>
than the previous late session close at 7.066. Prior to <br>
<br>
the market opening, the People's Bank of China (PBOC) set the <br>
<br>
midpoint rate, around which the yuan is allowed to <br>
<br>
trade in a 2% band, at 7.0568 per dollar, only 3 pips weaker than a Reuters' estimate.<br>
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<br>
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China's blue-chip CSI300 index dropped for the first time since Sept.<br>
<br>
13, poised to snapping a 10-day winning streak, after officials on Tuesday <br>
<br>
failed to offer much new on stimulus plans to revive the economy.<br>
<br>
The yuan is down 0.7% against the dollar so far this month,<br>
<br>
due to broad dollar strength, but the currency has 0.5% firmed for the <br>
<br>
year-to-date.<br>
<br>
China equities' recent rally has raised the bar for an upside surprise from expected fiscal stimulus news, said UBS strategists led by Rohit <br>
<br>
Arora, adding that the offshore yuan's near-term risk reward is <br>
<br>
unattractive. "Historically, fizzling of China equities' spurts acted as a bigger drag on CNH vis-à-vis the tailwinds from equities' surge," the strategists <br>
<br>
said.<br>
<br>
<br>
<br>
Nevertheless, market participants are still awaiting additional <br>
<br>
stimulus measures that could help further lift <br>
<br>
China asset sentiment. Citi FX traders think the offshore <br>
<br>
yuan could trade well if local equities remain supported, similar to what happened in Nov.<br>
<br>
<br>
<br>
2022 - Jan. 2023, according to the bank's note to clients.<br>
<br>
The offshore yuan traded at 7.0682 yuan per dollar, up about 0.09% in Asian trade.<br>
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<br>
The dollar's six-currency index was 0.039% higher at 102.53.<br>
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LEVELS AT 02:44 GMT INSTRUM CURRENT UP/DOWN( % DAY'S DAY'S ENT vs USD -) VS.<br>
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CHANGE HIGH LOW PREVIOUS YR-TO-D CLOSE % ATE Spot 7.066 -0.07 0.51 7.063 7.0697 yuan <<br>
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CNY=CF XS Offshor 7.071 0.09 0.81 7.064 7.0741 e yuan spot <CNH=D3 > (Reporting by Shanghai Newsroom;<br>
<br>
Editing by Kim Coghill)<br>
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SHANGHAI, Oct 9 (Reuters) -