BEIJING: The Chinese yuan strengthened against the U.S. dollar in the Asian session on Wednesday.
In economic news, data from the Conference Board showed that a leading index for the Chinese economy spiked in May, rising 1.1 percent. That follows the upwardly revised 1.4 percent jump in April and the 0.2 percent increase in March.
Against the greenback, the yuan rose to a 6-day high of 6.2067 from an early low of 6.2080. At yesterday’s close, the yuan was trading at 6.2070 against the greenback.
If the yuan extends its uptrend, it is likely to find resistance around the 6.19 area.
The People Bank of China set today’s central parity rate for yuan at 6.1142 per dollar, compared to Tuesday’s reference rate of 6.1119. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.
