The Chinese yuan gained today as the nation’s central bank raised its daily reference rate by the most in almost four years after yesterday’s positive trade data.
The People’s Bank of China set the daily fixing 0.3 percent higher to 6.1520 per dollar, the biggest increase since November 2010 and the highest level in four weeks. The increase followed yesterday’s report that showed that the Chinese trade balance surplus widened. As exports exceed imports, the central bank is able to allow the currency appreciate without damaging local exporters too much.
USD/CNY fell from 6.1405 to 6.1372 as of 11:13 GMT today, reaching the low of 6.1328 intraday.
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