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China's yuan rose three notches to 8.2770 to the US dollar yesterday as banks sold more hard currency on behalf of exporters, dealers said.
The yuan, which closed at 8.2773 on Monday, traded in a narrow 8.2768 to 8.2772 range during the session, hovering near the firm end of its usual trading band due to the country's healthy export surplus.
The Chinese currency, of which trading on the current account is monitored strictly, would stay firm in the short term, dealers said.
"Trade was active early in the session today due to more sales of US dollars from local banks and most deals were conducted at 8.2770," said a dealer in Beijing.
Turnover, US$540 million on Monday, rose to US$580 million.
The yuan has remained near the strong end of its usual narrow band of 8.2760 and 8.2800, enforced by the central bank, for most of this year due to China's trade surplus.
The yuan closed weaker against the Japanese currency at 6.7936 versus 100 yen from 6.7690 on Monday.
It edged up two notches against the Hong Kong dollar to 1.0609. Euro-yuan, which closed at 8.1920 last Friday and did not trade on Monday, weakened to 8.2589.
(China Daily November 6, 2002)
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