Chinese Yuan Rises To 8-day High Against U.S. Dollar
May 14 2015 - 12:50AM
RTTF2
The Chinese yuan strengthened against the U.S. dollar in the
Asian session on Thursday.
Against the greenback, the yuan rose to an 8-day high of 6.1994
from an early low of 6.2073. At yesterday's close, the yuan was
trading at 6.2048 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 6.1093 per dollar, compared to Wednesday's reference rate
of 6.1123. 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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