SHANGHAI: China's yuan edged higher against the dollar on Friday, buoyed by strong corporate dollar sales, traders said, and it is set to show a gain of 0.5 percent in October, the fifth straight month of mild appreciation.
"Many companies are selling dollars this morning, continuing a recent trend," said a trader at an Asian bank in Shanghai, adding that the corporate dollar sales might indicate the market is betting on strong exports again in October.
Spot yuan stood at 6.1103 per dollar by midday, 0.09 percent firmer than Thursday's close.
The People's Bank of China (PBOC) fixed its midpoint at 6.1461, practically unchanged from Thursday's fix.
October trade data is due on Nov. 8. A run of higher export figures has helped the Chinese currency rise more than 2 percent since May.
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