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Chinese Yuan At 5-1/2-month High Against U.S. Dollar

The Chinese yuan strengthened against the U.S. dollar in the Asian session on Monday, as the People's Bank of China has set a stronger midpoint for the yuan.

The yuan climbed to a 5-1/2-month high of 6.8409 against the greenback from Friday's closing value of 6.8588. The yuan is seen finding resistance around the 6.7 mark.

The People's Bank of China set today's central parity rate of the yuan at 6.8664 per dollar, compared to Friday's rate of 6.8878. 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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