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China's yuan closes up nearly 1 percent against the dollar
January 5, 2017 / 9:05 AM / 9 months ago

China's yuan closes up nearly 1 percent against the dollar

100 Yuan notes are seen in this illustration picture in Beijing, China November 5, 2013. REUTERS/Jason Lee/File Photo

SHANGHAI (Reuters) - China’s spot yuan finished up nearly 1 percent against the dollar on Thursday, supported by gains by the offshore yuan.

The spot market opened at 6.9280 per dollar and was changing hands at 6.8817 at 4:30 p.m (0830 GMT), 489 pips away from the previous late session close and 0.71 percent firmer than the midpoint.

The yuan had settled at 6.9485 at 4:30 pm on Wednesday, and finished that day’s late session at 6.9306.

The spot rate is currently allowed to trade with a range 2 percent above or below the official fixing on any given day.

China takes the official market closing price at 4:30 p.m. (0830 GMT) into consideration when it fixes the official guidance rate, in an effort to let market forces play a bigger role in determining the yuan’s value. The market also has a special evening session lasting until 11:30 p.m.

Reporting by Winni Zhou and John Ruwitch in SHANGHAI and Michelle Chen in HONG KONG; Editing by Richard Borsuk

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