Yuan Rises Before G-20 Meeting

The Chinese yuan rose today as China set the daily reference rate to the record high level, giving the currency the chance to appreciate before the Group of Twenty nation’s meeting tomorrow in order to stop criticism for the yuan’s dollar peg.

The People’s Bank of China stated on June 19 that it would end the yuan’s two-year peg to the dollar. The other G-20 leaders seem to remain wary, though, about the sincerity of this promise. The yuan is allowed to trade 0.5 percent on either side of the daily fixing.

USD/CNY traded near 6.7921 as of 11:36 GMT today after it opened at 6.8006.

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