Yuan Gains on Positive Trade Balance

The Chinese yuan strengthened today as China’s trade balance improved, beating analysts’ forecasts, and the central bank increased its daily fixing to the record high.
The People’s Bank of China set its reference rate 0.17 percent higher to the record of 6.1980 per dollar. The Customs General Administration of China reported that the trade surplus was at $18.2 billion in April, above the forecast of $15.5 billion. Exports surged 14.7 percent last month from a year ago, beating the expectations of 9.2 percent.
USD/CNY fell from 6.1588 to 6.1460 as of 14:11 GMT today, while the daily high was at 6.1699.

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