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Chinese Yuan Trades At Near 3-month High Against U.S. Dollar

The Chinese yuan traded higher against the U.S. dollar in Asian deals on Monday, as much stronger than expected U.S. jobs data for October and renewed optimism about a U.S.-China trade deal improved sentiment.

The yuan advanced to 7.02 against the greenback, its highest since August 15. The yuan is seen finding resistance around the 6.8 mark.

The People's Bank of China set today's central parity rate of the yuan at 7.0382 per dollar, compared to Friday's rate of 7.0437. The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

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