Currencies: China’s yuan rallies against the dollar

The Chinese yuan was trading higher against the dollar on Wednesday, continuing a recovery that began the previous afternoon after China’s central bank chief pledged to keep the exchange rate “basically stable.”

The yuan CNYUSD, +0.1719% had advanced as much as 0.7% against the dollar shortly after trading began in mainland China on Wednesday, but it then gave up some of its gain. In recent action, one dollar USDCNY, -0.1716% bought 6.6315 yuan, compared with 6.6672 yuan on Tuesday.

In the offshore market, the Chinese currency CNHUSD, +0.3402% also was strengthening, with one dollar USDCNH, -0.3390% at 6.6453 yuan.

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