The Chinese yuan strengthened against the US dollar today as China’s central bank allowed the currency to appreciate, though gains were rather limited.
The People’s Bank of China set the reference rate to 6.5690 per dollar during the current trading session from yesterday’s rate of 6.5777. Analysts predict that the currency would weaken this year, though no massive devaluation is expected. The yuan has fall 1 percent so far this year.
USD/CNY slipped from 6.5743 to 6.5438 as of 9:44 GMT today.
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