Yuan bounces back as PBOC shifts reference rate

Central bank move lifts yuan to biggest single-day rise in 20 months

The People's Bank of China, the central bank, set the yuan's daily reference rate against the US dollar to its biggest single-day rise in 20 months on Monday, after the nation reported the biggest trade surplus in five years in May.

Allaying fears that the move would trigger currency appreciation, industry experts said it shows the central bank's commitment to promote two-way fluctuation.