Yuan Rises as US Advisors Visit China

The Chinese yuan rises to the highest level in more than two weeks today against the US dollar as the US government advisers visit China, causing the speculations that the Chinese currency would be allowed to appreciate more.
Larry Summers, the Director of the White House National Economic Council for President Barack Obama, started the meeting with Li Yuanchao, the head of the Communist Party’s organization department, in Beijing today. The Asian currencies also gained after the US private payrolls grew more than was expected. The yuan rallied 0.6 percent versus the greenback since the two-year dollar peg was ended on June 19.
USD/CNY dropped from 6.8024 to 6.7888 today as of 8:52 GMT.

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