China’s yuan stays steady against dollar, value against peers hits near 6-yr high

 China’s yuan stays steady against dollar, value against peers hits near 6-yr high

SHANGHAI, Nov 24 (Reuters) – The yuan was largely flat against the dollar on Wednesday,

though it’s value struck a near six-year high on an index of currencies belonging to China’s major trading partners.

A burgeoning trade surplus, fueled by strong export growth and year-end seasonal demand has helped the yuan resist the broad dollar strength as exporters have been converting more dollar receipts, traders said.

Register now for FREE unlimited access to reuters.com

Prior to market’s open, the People’s Bank of China (PBOC) set the midpoint rate at 6.3903 per dollar, 26 pips firmer than the previous fix of 6.3929.

Wednesday’s midpoint largely matched market expectations after it came in persistently weaker than projections over the past week.

The firmer fixing sent the index measuring the yuan’ s trade weighted value (.CFSCNYI) to a near six-year high of 102.53, the highest since Dec. 3, 2015, and up 8.11% since the start of the…

Read full article…www.reuters.com