The Chinese yuan rose against the US dollar today as China’s central bank allowed its currency to appreciate to the strongest level in more than a year.
The People’s Bank of China set the midpoint for the currency at 6.6353 per dollar, the highest level since August 19, 2016. The yuan is allowed to trade 2% above or below the reference rate. It resulted in a good performance of the yuan, though other Asian currencies were strong versus the dollar as well today.
USD/CNY fell 0.35% to 6.6230 as of 12:16 GMT today.
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