China's yuan closed at a post-revalution record high of 8.0725 to the dollar on Wednesday, climbing because of global weakness in the dollar, traders said.
The yuan, which was revalued by 2.1 percent on July 21 to 8.11 per dollar, has now appreciated a further 0.46 percent.
"I don't think today's change had much to do with China," said a dealer with a large European bank in Shanghai.
"The euro surged almost 100 basis points against the dollar today in a very short time. That was what led to the yuan appreciating later in the afternoon."
The yuan also lost ground to the euro, dropping to 9.5826 versus 9.5571 on Tuesday. It also fell against the Japanese yen to close at 6.8913 per 100 yen versus 6.8840.
"The rise of the yuan today was an outside story, so it had nothing to do with the central bank," said a dealer at a Chinese bank.
Three deals in one-year onshore forwards were done at 7.8150, 7.7490 and 7.7480 per dollar on Wednesday, anticipating that the yuan would appreciate between 3.3 and 4.2 percent within a year. Two other deals were also done.
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