Chinese Yuan Rises To 4-day High Against U.S. Dollar
May 22 2015 - 1:41AM
RTTF2
The Chinese yuan strengthened against the U.S. dollar in the
Asian session on Friday.
In economic news, data from the Conference Board showed that the
leading economic index for China accelerated in April, rising 1.1
percent. That follows the upwardly revised 0.5 percent increase in
March and the 1.4 percent jump in February.
Against the greenback, the yuan rose to a 4-day high of 6.1955.
At yesterday's close, the yuan was trading at 6.1963 against the
greenback.
If the yuan extends its uptrend, it is likely to find resistance
around the 6.12 area.
The People Bank of China set today's central parity rate for
yuan at 6.1131 per dollar, compared to Thursday's reference rate of
6.1139. The central bank sets the reference rate every morning and
allows the currency to move upto 2 percent from that level.
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