China's yuan rose to one-week high against the dollar on Wednesday after the US dollar suffered its biggest one-day fall in over a year against a basket of major currencies. The People's Bank of China set the midpoint rate at 6.1318 per dollar prior to market open, firmer than the previous fix 6.1369. It was the strongest level in a week.
The spot market opened at 6.2480 per dollar and was changing hands at 6.2487 at midday, 0.15 percent stronger than the previous close and 1.91 percent weaker than the midpoint. The spot rate is currently allowed to trade with a range 2 percent above or below the official fixing on any given day. The offshore yuan was trading 0.09 percent weaker than the onshore spot market at 6.2543 per dollar.
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