Reuters: US Dollar Report: RPT-Yuan closes at record high of 6.1192 per dollar

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RPT-Yuan closes at record high of 6.1192 per dollar Aug 7th 2013, 09:09 Wed Aug 7, 2013 5:09am EDT SHANGHAI Aug 7 (Reuters) - China's yuan closed at a record high of 6.1192 against the dollar on Wednesday, its highest since the foreign currency market was created in 1994, stirring speculation among traders as to whether the central bank is ready to allow further appreciation despite weak exports. The currency also set a record open at 6.1206 per dollar on Wednesday morning. It has gained nearly 2 percent so far this year, bucking a weak trend in emerging market currencies. The central bank set its official midpoint at 6.1726 on Wednesday, only 0.04 percent stronger than Tuesday's 6.1753, but the spot yuan took advantage of the fixing to move into new territory. Traders said Wednesday's midpoint move appeared to be fixed higher tracking a 0.3 percent fall in the dollar index <.DXY > overnight. The Chinese currency has been largely flat since late May after it hit a record high of 6.1210 per dollar, with market participants believing the People's Bank of China was signalling its intentions to keep the rate stable amid sliding exports.

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