The Chinese yuan strengthened against the U.S. dollar in the Asian session on Friday.
Against the greenback, the yuan rose to nearly a 2-week high of 6.1902 from an early low of 6.2073. At yesterday’s close, the yuan was trading at 6.1950 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 6.1267 per dollar, compared to Thursday’s reference rate of 6.1305. 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