SHANGHAI, Feb 18 (Reuters) - China's yuan eased against the U.S. dollar on Tuesday as the greenback edged up from a two-month low, while market participants awaited more clues on the direction of policy in the world's two largest economies after tariffs were imposed.

The spot yuan CNY=CFXS opened at 7.2650 per dollar and was trading 87 pips lower than the previous late session close at 7.2737 as of 0310 GMT.

For now, there have been no immediate actions to offset tariff impacts in China in terms of economic growth and in the U.S. regarding inflation, despite Beijing's pledge to adjust policy, said Philip Yin, China currency and rates strategist at Citi.

"While the market waits for updates from both capitals about their next steps, the headline fatigue in the past week is only one stop on a path towards more tariff-impacted global markets," Yin said.

The dollar had fallen to a two-month low on Monday amid an easing of concerns about a full-blown global trade war, relieving some pressure on the yuan.

Globally, investor focus is pivoting to the release of the Federal Reserve's January meeting minutes on Wednesday to gauge how policymakers are rating the risk of a broader trade war in the wake of U.S. President Donald Trump's tariff policies.

Trade tensions between the world's two largest economies were one of the main drags on the yuan during Trump's first term. The yuan fell more than 12% against the dollar between March 2018 and May 2020.

Prior to the market opening, the People's Bank of China set the midpoint rate CNY=PBOC, around which the yuan is allowed to trade in a 2% band, at 7.1697 per dollar, 841 pips firmer than Reuters' estimate.

On Monday, President Xi Jinping held a rare meeting with some of the biggest names in China's technology sector, such as Alibaba 9988.HK founder Jack Ma, urging them to "show their talent" and be confident in the power of Beijing's model and market.

Alvin Tan, head of Asia FX at RBC Capital Markets, said the development was important for equity investors, but less so for foreign exchange or rates, noting China's economy still requires support from loose monetary policy.

The dollar index =USD, which measures the greenback against a basket of six currencies, was 0.187% higher at 106.92.

The offshore yuan traded at 7.275 yuan per dollar CNH=, down about 0.1% in Asian trade.

LEVELS AT 0310 GMT

(Reporting by Shanghai Newsroom; Editing by Jamie Freed)

((Li.Gu@thomsonreuters.com;))