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China's yuan weakened on Friday, changing hands at 6.2079 per dollar, backing off from two consecutive days of gains and set to soften 0.19 percent for the week. The yuan posted its sharpest single-day rise in value against the dollar since May on Thursday, pushing the currency back across a technically significant level of 6.2043 which marks a 61.8 percent retreat from a rally that topped out in October.
But today's trade has pushed the yuan back onto the weak side of the level as traders eye a dollar index standing around 90 - its highest level since 2006 - and ongoing weakness in neighbouring currencies.
That has caused the spot market and the central bank's guidance rate to diverge sharply in recent weeks, which risks suppressing trade if the market and the bank can't see eye-to- eye on the range in which the yuan can reasonably trade.
The People's Bank of China set the midpoint rate at 6.1186 per dollar prior to market open, firmer than the previous fix 6.1213.
The spot yuan changed hands at 6.2079 at midday, firming 103 points from the previous close and 1.46 percent to the weak side of the midpoint.
The spot rate is currently allowed to trade within a range 2 percent above or below the official fixing on any given day.

Copyright Reuters, 2014

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