The Chinese yuan progressed to the fourth session in a row, reaching a new high in 13 months on Wednesday against the dollar.

The strength of the yuan reflects stronger demand for end of the year on the part of companies, which generally use a plus much of their earnings in dollars to fulfill various obligations administrative fees and pay their employees, currency traders said. The yuan Onshore reached 7.0815 per dollar at 04:12 GMT, its highest level since October 14, 2024.

His offshore counterpart did the same and added 0.06% to 7.0786 per dollar.

Before the opening of the Market, the People's Bank of China (PBOC) set the pivot rate at 7.0796 yuan for one dollar, its highest level since October 14, 2024 and 29 points base more than the Reuters' estimate of 7.0825. The yuan in Cash can fluctuate by 2% on either side of this fixed pivot rate each day.