The Chinese yuan strengthened against the U.S. dollar in the Asian session on Thursday.
Against the greenback, the yuan rose to an 8-day high of 6.1994 from an early low of 6.2073. At yesterday’s close, the yuan was trading at 6.2048 against the greenback.
If the yuan extends its uptrend, it is likely to find resistance around the 6.12 area.
The People Bank of China set today’s central parity rate for yuan at 6.1093 per dollar, compared to Wednesday’s reference rate of 6.1123. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.
The material has been provided by InstaForex Company – www.instaforex.com