SHANGHAI: China's yuan firmed against the dollar for the third straight day on Wednesday, trading at its highest level since mid-March, despite the central bank setting a weaker guidance rate.
The People's Bank of China set the midpoint rate at 6.1681 per dollar prior to market open, down 0.04 percent from the previous fix. The spot rate is currently allowed to trade 2 percent above or below the midpoint.
The spot market opened at 6.1719 per dollar and was changing hands at 6.1690 by midday, 0.04 percent stronger from the previous close.
The spot rate and the midpoint continued to converge, with the spot only 4 points above the midpoint fixing at midday, representing the closest level the two rates have been trading since the central bank widened the trading band to 2 percent in the mid-March.
Comments
Comments are closed for this article.