HONG KONG: China's yuan broke a five-day rising streak against the dollar on Wednesday after the central bank set the official guidance rate slightly weaker than the previous session.
Still, the currency was hovering near five-month highs as investors appeared to regain a measure of confidence in China's economy and bet on further gains in the yuan.
The improving sentiment was reflected in a pick-up in long positions in the yuan to a near seven-month high, a Reuters poll showed last week.
The People's Bank of China set the midpoint rate at 6.1580 per dollar prior to the market's open, weaker than Tuesday's fixing of 6.1548.
The spot rate is currently allowed to trade 2 percent above or below the midpoint.
The spot market opened at 6.1436 per dollar, weaker than Tuesday's close of 6.1418 and was changing hands at 6.1450 in late morning trades.
Comments
Comments are closed for this article.