The yuan closed up against the dollar on Wednesday, scoring its fastest rise in five trading days since February 2008 as US pressure mounts again over the Chinese currency's value. The yuan rose 0.77 percent from its close of 6.7943 on Thursday last week, after the Chinese central bank guided the yuan up as it fixed a slew of mid-points to the dollar at new highs since the yuan's landmark revaluation in July 2005.
As measured by the People's Bank of China's fixing, the yuan has risen 1 percent in its biggest five-day gain since records of the reference rate started to be kept in 2007. That guided spot yuan to close at 6.7422 after touching a post-revaluation high of 6.7330, up from Tuesday's close of 6.7463.
Offshore dollar/yuan forwards (NDFs) leapt to the day's high amid nervous and thin trading as traders took profits after a series of strong PBOC mid-points pushed the forwards sharply lower in recent days. Benchmark one-year NDFs rose to an intraday high of 6.6656 bid in late trade compared with a nearly three-month low of 6.6100 bid hit on Tuesday.
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