China's yuan strengthened to close at a post-revaluation high of 8.0780 to the dollar on Tuesday as the central bank stayed out of the market, dealers said.
The yuan, which was revalued by 2.1 percent on July 21 to 8.11 per dollar, has now appreciated a further 0.40 percent since the policy move. It closed at 8.0808 on Monday.
The yuan's strength came after Beijing reaffirmed that it would not conduct another one-off revaluation of the currency, but will allow it to rise or fall through the Shanghai-based interbank market.
The yuan closed down against the euro at 9.5171, a drop of 0.68 percent, according to China's central bank, as the euro rose on the back of dollar sales more sharply than the yuan. Monday's closing rate was 9.4523 yuan to the euro.
The yuan also finished down on Monday's trading against the yen at 6.6780 yuan to 100 yen, a drop of 0.32 percent, falling from 6.6565 at Monday's close.
On the onshore yuan forwards market, three deals were done in one-year forwards at 7.7930 or 7.788 per dollar, anticipating that the yuan would be 3.7 to 3.9 percent stronger in a year's time. Two other deals were done.