Yuan At Post-revaluation High Against US Dollar

Friday in Asia, the Chinese yuan rose to a fresh post-revaluation high of 6.7732 against the U.S. dollar after the People's Bank of China set the currency's daily reference rate at a new high against the dollar.

The central bank fixed the reference rate at 6.7720 per dollar today. The yuan is allowed to trade 0.5 percent either side of the daily fixing.

However, investors are cautious ahead of the key U.S. jobs figures that will come out later in the day.

The dollar-yuan pair that closed yesterday's deals at 6.7820 is presently quoted at 6.7762.

Traders await for the U.S. non-farm payroll employment report for June at 8:30 am ET. Economists estimate that the U.S. economy lost 100,000 jobs in June and expect the unemployment rate to edge up to 9.8%.

China's manufacturing activity slowed sharply in June, survey data showed yesterday, with the fall in activity blamed on sluggish demand in both the domestic and external sectors

Markit Economics said that the HSBC manufacturing purchasing managers' index stood at a seasonally adjusted 50.4 in June, down from 52.7 in May. A reading above 50 indicates expansion, while one below suggests contraction. (Provided by RTTNews)