Yuan edges down against USD on Wednesday

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The yuan fell against the U.S. dollar on Wednesday after rising to a five-year high Tuesday, adding evidence that the new round of exchange rate reform will be a two-way street.

The central parity of RMB against the U.S. dollar declined to 6.8102 on Wednesday's opening, down 0.18 percent from the last opening, according to the China Foreign Exchange Trading System.

China's central bank announced over the weekend it would push forward reform of the Renminbi exchange rate to make it more flexible, but ruled out a one-off revaluation.

After a 0.45 percent rise at Tuesday's opening, yuan's spot price rose to 6.7900 in the morning session, the highest since China unpegged the yuan to the U.S. dollar in July 2005. However, it dipped 0.37 percent to 6.8229, and closed at the 6.8136 as pressure for yuan's appreciation eased.

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