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Chinese Yuan Rises To 2-day High Against US Dollar

The Chinese yuan rose moderately against its US counterpart on Friday in Asia, rising to a 2-day high of 6.2117, up by more than 0.1 percent from Thursday's close of 6.2190.

The yuan has thus obtained today's permitted level of forex movements in upswing, gaining 0.94 percent versus the dollar thus far today, just 0.6 percent off its official reference rate of the day.

The People's Bank of China has set today's central parity rate for the dollar-yuan pair at 6.2711, compared to yesterday's daily reference rate of 6.2731.

The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 1 percent from the level.

by RTTNews Staff Writer

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