BEIJING: The Chinese yuan strengthened against the US dollar in the Asian session on Friday.
In economic news, data from the Conference Board showed that the leading economic index for China accelerated in April, rising 1.1%. That follows the upwardly revised 0.5% increase in March and the 1.4% jump in February.
Against the greenback, the yuan rose to a 4-day high of 6.1955. At yesterday’s close, the yuan was trading at 6.1963 against the greenback.
If the yuan extends its uptrend, it is likely to find resistance around the 6.12 area.
The People Bank of China set today’s central parity rate for yuan at 6.1131 per dollar, compared to Thursday’s reference rate of 6.1139. The central bank sets the reference rate every morning and allows the currency to move upto 2% from that level.
