Yuan hits record high vs dollar for 3rd day, breaks psychological resistance level

PHOTO: Yuan hits record high vs dollar for 3rd day, breaks psychological resistance level

SHANGHAI - China's yuan traded at 6.0997 per dollar (S$7.58) on Wednesday morning, setting a new record against the dollar for the third consecutive day, and also broke through the psychologically important resistance level of 6.1 per dollar.

The currency continued to rise and was trading at 6.0979 several minutes later, a new record.

Traders and economists had previously predicted the central bank would not allow the currency to trade stronger than 6.1 per dollar.

The central bank has the ability to guide the spot yuan's trading range upward or downward through its daily official midpoint setting.