The yuan closed up versus the dollar on Friday, reversing earlier losses as the market bet the People's Bank of China might kick off another leg of yuan appreciation when the outcome of the Federal Reserve's meeting is clear. The PBOC fixed the yuan's mid-point at an all-time high against the dollar on Wednesday but it abruptly interrupted the currency's rise on Thursday and Friday with weaker mid-points to the disappointment of the market, traders said.
Spot yuan closed at 6.3868 per dollar, up from 6.3900 at Thursday's close. It has now appreciated 6.87 percent since it was depegged from the dollar in June 2010 and 3.17 percent so far this year. Before trading began, the PBOC fixed the mid-point at 6.3950, slightly weaker than Thursday's 6.3936.
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