The Chinese yuan advanced today, trading near the record level, as the People Bank of China increased its reference rate and demand for the currency among traders increased.
The yuan finds more usage in trading as investors are attracted to the growing Asian economy. Australia announced that 5 percent of its foreign-currency reserves will be in yuans. China is the biggest trading partner of Australia. Rising demand for the Chinese currency promises growing capital inflows into the country.
USD/CNY dropped from 6.1830 to 6.1699 as of 9:41 GMT today.
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