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.
Start trading in currencies, most happening place to trade
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%.
