China's yuan rises to 3-week high as PBOC lifts currency fix, US dollar retreats

(Dec 6): China's yuan rose to the highest level in nearly three weeks against the US dollar on Tuesday, led by the central bank's stronger fix as authorities took the opportunity of a weaker greenback to consolidate efforts to support its battered currency.

Based on the morning trade, the yuan was poised for its biggest daily gain in four months.

The People's Bank of China set the midpoint rate at 6.8575 per US dollar prior to market open, 0.43% firmer than the previous fix at 6.887.

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