PBoC Sets Daily Fixing for Yuan Higher

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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