China’s currency, the Yuan climbed to a 5-day high against the U.S. dollar on monday amid a report that showed China's manufacturing expanded at the fastest pace in 18 months in October.
The Yuan that closed last week's trading at 6.8285 against the dollar soared to a 5-day high of 6.8276 Monday. The next upside target level for the Chinese currency is seen at 6.8230.
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The People's Bank of China has set Monday’s central parity rate for the dollar-yuan pair at 6.8282. The pair is allowed to strengthen or weaken 0.5% from the parity rate.
The yuan has been in an upward channel against the dollar after it touched a 3-week low of 6.8352 on October 27. Since then, the yuan has gained 0.1%.