The Chinese yuan spiked up against the U.S. dollar on Thursday in Asia. The yuan approached 6.3517 against the greenback for the first time since July 5. On the upside, the yuan may target 6.35 level. The pair closed yesterday's deals at 6.3623.
Consumer prices in China were up 1.8 percent on year in July, the National Bureau of Statistics said today.
That was slightly above forecasts for 1.7 percent, which would have been a 30-month low. It was also down significantly from the 2.2 percent reading in June.
The People's Bank of China set today's central parity rate for the yuan at 6.3387 per dollar, compared to yesterday's daily reference rate of 6.3378. The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 1 percent from the level.
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