Chinese Yuan At More Than 4-month High Against U.S. Dollar

Chinese Yuan At More Than 4-month High Against U.S. Dollar


Erasing early losses, the Chinese yuan spiked up against the U.S. dollar in late Asian deals on Wednesday.
The yuan is now trading at more than a 4-month high of 6.3111 per dollar, compared to an 8-day low of 6.3402 hit in early trading. On the upside, the yuan may target 6.30 level. At yesterday's close, the pair was worth 6.3195.
The People's Bank of China set today's central parity rate for the yuan at 6.3392 per dollar, compared to Tuesday's daily reference rate of 6.3189. The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 1 % from the level.