The Chinese yuan posted the biggest gain in four months and reached the record high today as the central bank raised the daily fixing and policy makers suggested that the currency will be allowed to trade in broader range.
The Peopleâs Bank of China increased the reference rate by 0.11 percent to 6.2342 per dollar. According to the China Daily, Wang Yu, the deputy director-general of the PBoC research bureau, said that the central bank will widen the trading range for the yuan in the next reforms. Such move will be an attempt to divert currency manipulation criticism at this week’s Group of Twenty and the International Monetary Fund meetings.
USD/CNY went down from 6.1873 to 6.1727 as of 9:11 GMT today.
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