Chinese Yuan Spikes Up To More Than 3-month High Against U.S. Dollar
The Chinese yuan strengthened against the U.S. dollar in late Asian deals on Wednesday, as the People's Bank of China set the currency's reference rate at the highest level since January 15.
The yuan reached 6.2123 per dollar, the level not seen since December 14, 2012. The yuan thus appreciated 0.13 percent against the greenback from yesterday's close of 6.2202. If the yuan advances further, it will break last year's peak of 6.2087.
The PBOC set today's central parity rate for the yuan at 6.2716 per dollar, up from Tuesday's daily reference rate of 6.2758. The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 1 % from the level.
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