The Chinese yuan advanced today as the People’s Bank of China raised its reference rate, allowing the currency to rise. Positive expectations for macroeconomic data from the country also helped the currency.
The PBoC set the daily fixing 0.08 percent higher to 6.2689 per dollar, the strongest level since May. According to analysts’ estimates, China’s manufacturing Purchasing Managers’ Index rose from 50.1 in February to 51.6 in March. The official data will be released on April 1.
USD/CNY fell from 6.2155 to 6.2192 as of 18:01 GMT today.
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