China Yuan Up Late On 5th Straight Record-Low Fixing

After six continuous days of increases, the Chinese yuan has reached a new high of about 6.54 yuan to 1 dollar, closing the week off at a record high. From Journal:

’s yuan rose to a fresh high against the dollar for a sixth-straight day under the current system late Friday, after the set the central parity at a fifth consecutive record low, prompting expectations that China is allowing a quicker pace of yuan appreciation.

On the over-the-counter market, the dollar was at CNY6.5354 around 0830 GMT, down from Thursday’s close of CNY6.5420. traded between CNY6.5350 and CNY6.5406.

Ahead of trading, the ’s fixed the dollar/yuan central parity rate at a fresh low, the fifth such fixing in a row. Friday’s reference rate was set at 6.5420, down from Thursday’s 6.5456.

At CNY6.5354 to the dollar, the yuan has risen 4.5% against the U.S. unit since June, when China effectively ended its ’s two-year peg to the dollar.

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