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Chinese Yuan Trades At Near 5-month High Against U.S. Dollar

The Chinese yuan traded higher against the U.S. dollar in Asian deals on Wednesday, after reports that the U.S. and China will meet later this month to discuss compliance with their phase-one trade deal.

High-level talks between U.S. and Chinese officials will be held on Aug. 15 to assess Beijing's compliance with the bilateral trade agreement signed early this year, the Wall Street Journal reported, citing people briefed on the matter.

The yuan advanced to 6.95 against the greenback, its highest since March 11. 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 6.9752 per dollar, compared to Tuesday's rate of 6.9803. 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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