ForexLive Asian market wrap: Yuan fixed at record level against USD

USD/CNY official mid-rate at 6.7980 vs 6.8275 yesterday Regional stockmarkets -0.5% but bounce after China sets firmer rate for YuanIt has been a quiet session in Asia apart from some excitement around the China official fix for the USD/CNY. Traders saw this as a good indication of China's new flexibility and the fixing was set at yesterdays closing rate of 6.7975, 3 Yuan lower than yesterday. That market has rallied back towards 6.8100 but is still an indication of increased willingness on China's behalf.The AUD was again the main lightning rod and it jumped from .8770 to .8800 about 30 seconds before the official release on Reuters. AUD/USD traded to a high of .8832 on short covering but has since given back some of these gains. Range: .8757/.8832EUR/USD has been pressured by selling on the crosses with EUR/AUD and EUR/CHF the leaders. EUR/CHF made another fresh low below 1.3665. Ranges: 1.2285/1.2353, EUR/CHF 1.3653/1.3703Cable has drifted lower but has lagged the EUR/USD, with the cross also sliding modestly. Ranges: 1.4750/97, .8327/58USD/JPY has traded in a tight 23 pip range with the usual cross plays dominating. 90.87/91.10, EUR/JPY 111.78/112.45Markets: Nikkei -0.6%, Kospi -0.5%, HK flat. Gold steady at $1240/oz.

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