Chinese Yuan Strengthens To 5-day High Against U.S. Dollar

Chinese Yuan Strengthens To 5-day High Against U.S. Dollar

The Chinese yuan firmed against the U.S. dollar in the Asian session on Monday.

The yuan rose to a 5-day high of 7.0716 against the greenback, from a 6-day low of 7.0819 seen earlier in the session. The next possible resistance for the yuan is seen around the 6.8 level.

The People’s Bank of China set today’s central parity rate of the yuan at 7.0808 per dollar. Chinese markets were shut for the Dragon Boat Festival holiday on Thursday and Friday. The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.