The Chinese yuan advanced today after the central bank raised the reference rate and as traders hoped that the government will make the nation’s capital markets more open to foreign investors.
The People’s Bank of China boosted the yuan’s daily fixing 0.04 percent to 6.1726 per dollar. The State Administration of Foreign Exchange said that the nation aims at higher capital-account convertibility, which should increase international usage of the currency. The yuan was the only Asian currency that rose against the dollar this year, gaining 1.8 percent.
USD/CNY fell 0.03 percent to 6.1195 as of 12:38 GMT today.
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