The Chinese yuan rose today as the nation’s central bank boosted the reference rate for the currency. The yuan was previously falling after the central bank had widened the trading range for the currency.
The Peopleâs Bank of China raised the daily fixing by 0.04 percent to 6.1452 per dollar today. The yuan weakened 0.25 percent on the previous four days after the bank had increased the trading band to 2 percent on the either side of the reference rate, but currently it is considered that the potential for further depreciation is limited. The currency managed to rise even as economic data for China was not good at all.
USD/CNY went down from 6.2262 to 6.1981 as of 12:04 GMT today.
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