The Chinese yuan came off from its early low against the U.S. dollar in the Asian session on Wednesday, as a slight decline in new coronavirus cases boosted sentiment.

The yuan rose to 6.9910 against the greenback, reversing from a fresh 2-week low of 7.0125 seen earlier in the trading session. The next possible resistance for the yuan is seen around the 6.7 level.

The People's Bank of China set today's central parity rate of the yuan at 7.0012 per dollar, compared to Tuesday's rate of 6.9826. 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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