Chinese Yuan Rises To 6-day High Against U.S. Dollar
June 24 2015 - 12:57AM
RTTF2
The Chinese yuan strengthened against the U.S. dollar in the
Asian session on Wednesday.
In economic news, data from the Conference Board showed that a
leading index for the Chinese economy spiked in May, rising 1.1
percent. That follows the upwardly revised 1.4 percent jump in
April and the 0.2 percent increase in March.
Against the greenback, the yuan rose to a 6-day high of 6.2067
from an early low of 6.2080. At yesterday's close, the yuan was
trading at 6.2070 against the greenback.
If the yuan extends its uptrend, it is likely to find resistance
around the 6.19 area.
The People Bank of China set today's central parity rate for
yuan at 6.1142 per dollar, compared to Tuesday's reference rate of
6.1119. 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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