The Yuan Hits a 19 Year High After China’s Central Bank Raises Currency Reference

“China’s yuan advanced to a 19-year high after the central bank raised the currency’s reference rate by the most in more than six months amid speculation U.S. monetary stimulus will spur faster gains. Volatility surged.

The yuan strengthened 0.15 percent to close at 6.1560 per dollar from April 26 in Shanghai as markets reopened after a three-day holiday, according to the China Foreign Exchange Trade System. The People’s Bank of China set the fixing 0.2 percent stronger, the most since Oct. 15, at 6.2082 per dollar….”

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