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World|finance|December 26, 2019 / 05:21 PM
China's yuan is getting a little stronger

AKIPRESS.COM - Asian markets moved slightly higher on Thursday, while the Chinese central bank guided the yuan to its highest level in nearly five months, CNN reports.

Japan's Nikkei 225 (N225) rose 0.4%. China's Shanghai Composite (SHCOMP) gained 0.4%. South Korea's Kospi (KOSPI) traded flat, as the market reopened after the Christmas holiday.

Hong Kong markets remained closed and are scheduled to resume trading Friday.

The People's Bank of China raised its daily reference rate for the yuan to about 6.98 per US dollar — the highest level since early August. China's central bank sets a "band" every day within which the yuan's value is only allowed to move 2% up or down.

The Chinese currency is now trading at about 6.996 yuan per dollar in mainland China. In trading outside of China, where the yuan moves more freely, one dollar can buy about 6.994 yuan — slightly weaker than Wednesday.

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