The Chinese central bank set the reference rate for the yuan higher today, leading to gains of the currency. The bank allowed the currency to gain on optimistic outlook for the global economy.
The Peopleâs Bank of China increased the daily yuan fixing by 0.03 percent to 6.2804 per dollar. The bank was able to raise the rate after yesterday’s positive data about the German economic sentiment improved prospects for the global economy. The Chinese economy is still largely export-oriented, therefore it remains very dependent on the events outside of the country.
USD/CNY fell from 6.2490 to 6.2424 as of 13:55 GMT today.
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