China’s Yuan closes up nearly 1 percent against the dollar

SHANGHAI : 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.