January 19, 2018 / 1:54 AM / a year ago

China's yuan strengthens past key 6.4/dlr on broad dollar weakness

SHANGHAI, Jan 19 (Reuters) - China’s yuan rallied further against the U.S. dollar on Friday morning to breach the psychologically important 6.4 per dollar level for the first time in more than two years, underpinned by broad weakness in the greenback.

The spot market opened at 6.4100 per dollar and rose to a high of 6.3982 at one point in early trade, the strongest level since Dec. 4, 2015.

As of 0142 GMT, the onshore spot yuan rate was trading at 6.4010 per dollar.

Its offshore counterpart also breached the key threshold in initial trade on Friday before trading at 6.3966 at 0142 GMT.

The dollar was lodged near a three-year low against a basket of currencies on Friday with fears over a possible U.S. government shutdown adding to its underlying woes stemming from its eroding yield advantage. (Reporting by Winni Zhou and John Ruwitch; Editing by Sam Holmes)

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