The yuan rose to its highest value against the dollar in nearly a month on Thursday after the central bank set a stronger fixing in response to a weaker dollar in global markets and robust corporate demand for the Chinese currency. The People's Bank of China (PBOC) set its strongest daily midpoint since January 23 at 6.2779 versus the dollar on Thursday, 0.1 percent firmer than Wednesday's fix.
The stronger fix came after the dollar index fell 0.4 percent between Wednesday and Thursday mornings. The PBOC typically guides the yuan stronger when the dollar falls against other currencies. Spot yuan closed at 6.2213 per dollar, up 0.10 percent from Wednesday's close and near its intraday high of 6.2208. Trading volume totalled $10.8 billion, down from $11.1 billion on Wednesday the full-day average volume of $14.9 billion in February.