The Chinese yuan firmed against the U.S. dollar in the Asian session on Monday.

The yuan rose to 6.9625 against the greenback, its highest level since February 12. The next possible resistance for the yuan is seen around the 6.8 level.

The People's Bank of China set today's central parity rate of the yuan at 6.9811 per dollar, compared to Friday's rate of 7.0066. The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

In economic releases, survey data from IHS Markit showed that China's manufacturing sector contracted at a record pace in February as efforts to contain the recent outbreak of the coronavirus weighed heavily on performance of factories.

The Caixin manufacturing Purchasing Managers' Index fell sharply to 40.3 in February from 51.1 in January. This was the lowest reading since the survey began in April 2004.

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