Chinese Yuan Rises To 6-day High Against U.S. Dollar
May 13 2015 - 12:22AM
RTTF2
The Chinese yuan strengthened against the U.S. dollar in the
Asian session on Wednesday.
Against the greenback, the yuan rose to a 6-day high of 6.2050.
At yesterday's close, the yuan was trading at 6.2090 against the
greenback.
If the yuan extends its uptrend, it is likely to find resistance
around the 6.18 area.
The People Bank of China set today's central parity rate for
yuan at 6.1123 per dollar, compared to Tuesday's reference rate of
6.1155. The central bank sets the reference rate every morning and
allows the currency to move upto 2 percent from that level.
Traders await China data industrial production and retail sales
data for April, due shortly.
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