China raised the central rate for its Yuan currency by the largest amount in a decade, officials and reports said. Yuan’s mid-rate was adjusted upwards by 0.54% against the US dollar, according to an announcement by the central People’s Bank of China (PBOC).
In the wake of opening tougher on Monday’s session versus the US dollar, Yuan exchanged 1.2 per cent higher than the last close, the biggest such move ever since 2005. Yuan reinforced to 6.4988 versus the US dollar and last exchanged at 6.5014 versus the U.S. dollar.
PBOC sets a day by day reference rate for Yuan at 6.4975, mostly 0.3 per cent higher than its close on 5 February.
