China Yuan Rises to Record High Against US Dollar
Saturday, April 13, 2013 9:48
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The People’s Bank of China raised the daily fixing by 0.12 percent to 6.2506 per dollar yesterday, its strongest ever midpoint against the greenback.
The spot price is allowed to trade 1 percent either side of that.
This appreciation in the Yuan took place amid US Secretary of State John Kerry’s visit to Asia.
Beijing kept the Yuan artificially cheap in order to boost exports for many years. However, China faces international pressure to reduce its massive trade surplus.
Chart courtesy of Oanda
2013-04-13 09:47:24
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