The Chinese yuan that rose to a 4-day high of 6.5285 against the U.S. dollar in Tuesday’s early Asian deals has moved off slightly shortly thereafter. The Chinese yuan is presently trading at 6.5315 against the greenback, compared to Monday’s close of 6.5298.
In economic news, China’s manufacturing sector expanded at a steady pace in April. The HSBC flash manufacturing purchasing managers’ index was at 51.8 in April, unchanged from the final reading in March.
The People’s Bank of China set today’s central parity rate for the dollar-yuan pair at 6.5346, compared to yesterday’s daily reference rate of 6.5310.
The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 0.5% from that level.