The yuan ended slightly firmer against the dollar on Thursday as the market continued to strain the Chinese central bank's leash, with sustained corporate buying pulling the yuan to the limit of an official daily trading range for an eighth day in a row. The yuan closed at 6.2429 to the dollar on the spot market, strengthening from Wednesday's close of 6.2437.
The offshore yuan in Hong Kong (CNH) was more bullish than the onshore market. The CNH changed hands at 6.2353 at market close. The spot market has been bullish on the yuan since late September, with the Chinese currency closing at a record high against the dollar on October 31. On Thursday, the central bank set the midpoint at 6.3060 yuan per dollar, but the spot rate promptly began trading at 6.2429, the strong end of the day's trading range for the yuan, and it stayed there for virtually the whole day.