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China's yuan rose against the dollar on Monday, after the central bank set the midpoint near its highest with traders expecting strength in the Chinese currency to sustain for the rest of the year. The People's Bank of China (PBOC) guided its currency to a fresh round of appreciation in the past two weeks by allowing it to hit a record of 6.0802 on Friday. It has gained nearly 2.5 percent so far this year with a substantial chunk of gains coming in the latest round this month.
Traders say corporate demand to sell dollars remains strong due to China's trade surplus as well as hot money inflows after the US Federal Reserve delayed its plan to wind back stimulus. "We expect the yuan to rise to 6.05 at the end of the year. The PBOC will keep the yuan's strength in the long term as it's making an effort to make it an international currency," said a trader at a Chinese bank in Shanghai. Spot yuan traded at 6.0833 near midday, 0.01 percent stronger than Friday's close of 6.0840. The PBOC set the yuan's midpoint at 6.1336, three pips weaker than Friday's 6.1333.

Copyright Reuters, 2013

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