SHANGHAI: China's yuan firmed against the dollar for the fourth straight day on Thursday, opening and trading stronger than the official guidance rate for the first time since March as bullish sentiment returns to the market.
The People's Bank of China (PBOC) set the midpoint rate at 6.1670 per dollar prior to market open, up 0.02 percent from the previous fix.
The spot rate is allowed to trade 2 percent above or below the midpoint.
The spot market opened at 6.1630 per dollar -- the first time it has opened stronger than the midpoint since March 6 -- and was changing hands at 6.1604 by midday, 0.05 percent firmer from the previous close.
Unlike on Wednesday, when the rate moved back and forth across the fix, the market priced the yuan stronger for the entire morning session on Thursday.
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