The yuan climbed to a record high against the dollar on Wednesday for the second time in five days, hitting the edge of the official trading band for the first time since December 11, as Beijing continued to show tolerance for measured appreciation. The spot rate opened at a record 6.1950 per dollar Wednesday morning, after the People's Bank of China (PBOC) set the official midpoint at 6.2548, its highest level since the landmark revaluation in 2005. The exchange rate is allowed to rise or fall by 1 percent away from the midpoint fixing.
The yuan closed at 6.1939 after trading briefly at the intra-day regulatory limit of 6.1923. The yuan strengthened throughout the day despite data showing the country logged an unexpected trade deficit in March, with imports beating market expectations while export growth remained in line with forecasts.