The Chinese yuan strengthened against the U.S. dollar in the Asian session on Wednesday.
Against the greenback, the yuan rose to a 6-day high of 6.2050. At yesterday’s close, the yuan was trading at 6.2090 against the greenback.
If the yuan extends its uptrend, it is likely to find resistance around the 6.18 area.
The People Bank of China set today’s central parity rate for yuan at 6.1123 per dollar, compared to Tuesday’s reference rate of 6.1155. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.
Traders await China data industrial production and retail sales data for April, due shortly.
The material has been provided by InstaForex Company – www.instaforex.com