Yuan moves up against the dollar

The yuan traded at its highest level against the dollar Friday since China moved to revalue the currency last year, the Wall Street Journal reported. The dollar closed at 7.9859 yuan on the over-the-counter market, down from 7.9925 on Thursday. It reached as low as 7.9850 yuan during the day, the lowest level since the revaluation. Traders expect the Chinese currency to appreciate in the long term while the dollar's weakness against other major currencies may have been a factor. Currency traders generally believe the yuan is undervalued and pressure is mounting on Beijing to make it more flexible, the newspaper reported.