China's yuan closed on Wednesday at its strongest level against the dollar since its landmark July revaluation, after US President George W. Bush urged China to do more in terms of currency reform.
The yuan, finished the day at 8.0912 per dollar, a level 0.23 percent stronger than the 8.11 that initially followed the 2.1 percent revaluation on July 21.
It hit a post-revaluation intraday high of 8.0906 versus the dollar in the final minute.
Bush told Chinese President Hu Jintao late on Tuesday that Beijing's recent move to loosen its exchange rate had been a "good first step" but that more should be done. A dealer at a foreign bank said the Bush news spread on the market in the afternoon session, helping encourage some market players to sell dollars at high levels, while the central bank was inactive throughout the day.
The yuan firmed to 7.3113 against 100 yen on Wednesday versus 7.3160 on Tuesday, and strengthened against the euro to 9.9469 from 9.9547, according to the central bank.
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