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Chinese Yuan Advances To 2-day High Against U.S. Dollar

The Chinese yuan firmed against the U.S. dollar in Asian deals on Wednesday, as investors expect more stimulus measures to contain economic slowdown from the coronavirus pandemic.

The yuan rose to a 2-day high of 7.0788 versus the dollar from yesterday’s closing quote of 7.0913. The next possible resistance for the yuan is seen around the 6.7 level.

The People’s Bank of China set today’s central parity rate of the yuan at 7.0903 per dollar, compared to yesterday’s rate of 7.0752.The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

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