The Chinese yuan spiked up against the U.S. dollar in the Asian session on Tuesday, after Chinese President Xi Jinping vowed to win the fight against the coronavirus outbreak.

Jinping said in remarks on state television that China will speed up the development of drugs aimed at treating the deadly pneumonia-like virus.

The yuan climbed to a 5-day high of 6.9672 against the greenback from Monday's closing value of 6.9819. The yuan is likely to locate resistance around the 6.7 level.

The People's Bank of China set today's central parity rate of the yuan at 6.9897 per dollar, compared to Monday's rate of 6.9863. The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

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