The Chinese yuan strengthened against the U.S. dollar in the Asian session on Wednesday.

Against the greenback, the yuan rose to nearly a 2-month high of 7.2658 from a recent low of 7.2783. At yesterday's close, the yuan was trading at 7.2733 against the greenback.

If the yuan extends its uptrend, it is likely to find resistance around the 7.24 area.

The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

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