The invention provides a magnetoresistive device of the CCP (current perpendicular to plane) structure comprising a magnetoresistive unit sandwiched between soft magnetic shield layers with a current applied in the stacking direction. The magnetoresistive unit comprises a nonmagnetic intermediate layer sandwiched between ferromagnetic layers. A planar framework positions the soft magnetic shield layers and comprises a combination of a nonmagnetic gap layer with a bias magnetic field-applying layer constructed by repeating the stacking of a multilayer unit comprising a nonmagnetic underlay layer and a high coercive material layer. The nonmagnetic gap layer is designed and located such that a magnetic flux given out of the bias magnetic field-applying layer is efficiently directed along a closed magnetic path around the framework to form a single domain of magnetization.