Yuan Profits from Dollar’s Weakness as PBoC Boosts Daily Fixing

The Chinese yuan advanced today as the nation’s central bank boosted its reference rate after the US dollar demonstrated a big drop despite the earlier rally.
The People’s Bank of China raised its daily fixing by 0.14 percent to 6.1623 per dollar, the biggest increase since January 10. The central bank allowed the yuan to appreciate as the dollar sank yesterday even though initially it demonstrated a strong rally after the European Central Bank expanded its stimulus. The International Monetary Fund said yesterday that China should be able to maintain its impressive rate of economic growth.
USD/CNY was down from 6.2550 to 6.2524 as of 8:25 GMT today after reaching the daily low of 6.2457.

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