By Georgina Lee
       HONG KONG, Aug 2 (Reuters) - China's yuan eased to a
near one-week low on Thursday in trade  in a tight range as
disappointing economic data this week and a lack of concrete
measures to shore up the economy weighed on the currency.
    While the yuan firmed slightly early it reversed the gain
quickly to trade lower by midday. Investors have ignored
guidance from China's currency regulators to commercial banks to
reduce or postpone their purchases of dollars in a bid to slow
the yuan's depreciation, as Reuters reported on Tuesday. 
    Instead, the market remained focused on regulatory measures
to support the troubled property sector, which accounts for
about a quarter of China's economy. A contraction seen in the
purchasing managers' index released this week underlined renewed
urgency for more easing for the sector.
    China will keep property financing stable and orderly, the
central bank said during its second-half working conference with
the foreign exchange regulator on Tuesday, adding it would
continue to guide the reduction of personal housing loan
interest rates and downpayment ratios. 
    "The market is not sensing major improvement on the housing
property sector. The deterioration in house prices needs to be
arrested before people regain their confidence to start spending
again," said Alvin Tan, head of Asia currency strategy at RBC
Capital Markets. 
    The People's Bank of China set the midpoint rate,
at which the spot yuan is allowed to trade at 2% on either side,
at 7.1368 per U.S. dollar prior to market open, weaker than the
previous fix 7.1283 but close to 300 pips stronger than market
consensus. 
    The spot yuan opened at 7.1698 per dollar and was
changing hands at 7.1836 at midday, 66 pips weaker than the
previous late session close and 0.66% weaker the midpoint. 
    The global dollar index fell to 102.244 from the
previous close of 102.303. 
    Rating agency Fitch downgraded the U.S. government credit
rating to AA+ from AA on Tuesday, becoming the second major
rating agency after Standard & Poor’s to strip the United States
of its triple-A rating.
    "We believe the impact may end up being limited given the
U.S. position as the world's largest and most influential
economy," said Maybank analysts in a note. 
    The offshore yuan was trading 0.12% weaker than the
onshore spot at 7.1919 per dollar. 
    The one-year forward value for the offshore yuan
traded at 6.9719 per dollar, indicating a roughly 3.16%
appreciation within 12 months.


    The yuan market at 0334 GMT: 
    
    ONSHORE SPOT:
 Item               Current  Previous  Change
 PBOC midpoint                         
                                        -0.12%
                    7.1368   7.1283    
                                       
                                       
 Spot yuan                             
                                7.177   -0.09%
                    7.1836             
                                       
                                       
 Divergence from                       
 midpoint*                             
                    0.66%              
 Spot change YTD                       
                                        -3.95%
 Spot change since 2005                
 revaluation                            15.21%
 

    OFFSHORE CNH MARKET   
  
 Instrument            Current   Difference
                                 from onshore
 Offshore spot yuan              
        *                        -0.12%
                       7.1919    
                                 
                                 
 Offshore                        
 non-deliverable          6.967  2.44%
 forwards                        
               **                
 
*Premium for offshore spot over onshore
**Figure reflects difference from PBOC's official midpoint,
since non-deliverable forwards are settled against the midpoint.
. 
  

 (Reporting by Georgina Lee; editing by Robert Birsel)