The Chinese yuan recovered against the U.S. dollar in the Asian session on Wednesday, following reports of intervention in the foreign exchange market.

Major Chinese state-owned banks reportedly sold U.S. dollars in the previous session, as the currency touched a 15-year low on Tuesday.

The People's Bank of China and the State Administration of Foreign Exchange said they would stabilise the yuan at a reasonable and balanced level.

The yuan advanced to a 2-day high of 7.2603 against the greenback, from a 15-year low of 7.3090 it touched on Tuesday. If the yuan firms further, 6.9 is likely seen as its next resistance level.

The PBOC set the central parity rate at 7.1638 per dollar, compared to yesterday's reference rate of 7.1668. The central sets the central parity rate every morning and allows the currency to fluctuate upto 2 percent from that level.

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