News Column

Yuan Rises To Nearly 1-1/2-month High Against US Dollar

July 29, 2014

BEIJING (Alliance News) - The yuan strengthened against the US dollar in the Asian session on Wednesday.

In economic news, sentiment among Chinese consumers increased in July, the results of a survey by MNI and Westpac showed.

The Westpac-MNI consumer sentiment index rose to 114.8 in July from 112.6 in June.

Against the greenback, the yuan rose to nearly a 1-1/2-month high of 6.1781. At yesterday's close, the yuan was trading at 6.1805 against the greenback.

If the yuan extends its uptrend, it is likely to find resistance around the 6.14 area.

The People Bank of China set the central parity rate for yuan at 6.1645 per dollar today, compared to Tuesday's reference rate of 6.1615. The central bank sets the reference rate every morning and allows the currency to move upto 2% from that level in either direction.

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Source: Alliance News

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