Chinese Yuan Rises To 5-day High Against U.S. Dollar
April 22 2015 - 12:24AM
RTTF2
The Chinese yuan strengthened against the U.S. dollar in the
Asian session on Wednesday.
Meanwhile, data from the Conference Board showed that the
leading index for the Chinese economy slowed dramatically in March,
adding just 0.2 percent on month. That's down from the 1.4 percent
increase in February and the 0.6 percent gain in January.
The coincident index climbed 1.7 percent in March, the data
showed - accelerating from the 0.6 percent increase in the previous
month.
Against the greenback, the yuan rose to a 5-day high of 6.1968
from an early low of 6.2073. At yesterday's close, the yuan was
trading at 6.2005 against the greenback.
If the yuan extends its uptrend, it is likely to find resistance
around the 6.10 area.
The People Bank of China set today's central parity rate for
yuan at 6.1290 per dollar, compared to Tuesday's reference rate of
6.1280. 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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