SHANGHAI, Jan 11 (Reuters) - China's yuan firmed on Monday after the central bank set the daily midpoint rate higher for a second day, after allowing it to weaken for eight consecutive sessions.
The People's Bank of China set the midpoint rate at 6.5626 per dollar prior to the market open, firmer than the previous fix of 6.5636, and firmer than the previous day's closing quote of 6.5938.
In the spot market, yuan opened at 6.5950 per dollar and was changing hands at 6.5884 in early trade, up 54 pips from the previous close and 0.39 percent away from the midpoint.
The spot rate is allowed to trade with a range 2 percent above or below the official fixing on any given day.
The offshore yuan was trading 1.39 percent weaker than onshore spot at 6.6812 per dollar. (Reporting by Pete Sweeney; Editing by Kim Coghill)