The yuan edged up against the dollar on Wednesday after the People's Bank of China set the mid-point at a 10-month high as the market awaits the outcome of talks between the US and China. The Chinese central bank set the yuan's mid-point at 6.8259 per dollar, the highest since May 25 last year, though that was little changed from the previous session and showed scant signs of allowing the yuan to resume an appreciative trend immediately.
Spot yuan closed at 6.8256 per dollar after hitting the highest level this year in intraday trade at 6.8250. It ended at 6.8258 on Tuesday. Chinese President Hu Jintao is due to attend a nuclear security meeting in Washington on April 12-13, while the United States is reiterating its call for China's currency to be market-based.
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