What's new

Yuan advances as PBOC raises fixing

The yuan advanced to its strongest level in seven months as the central bank raised its daily fixing and the United States said China had shown willingness to let its currency appreciate. The People's Bank of China increased its daily reference rate by 0.1 percent to 6.1395 per dollar, the highest since March 19. China has shown "some renewed willingness" to let the yuan rise, the US Treasury said, while adding that the currency "remains significantly undervalued". "The lack of criticism from the US may actually please China, which is happy to let the yuan gain a bit more," said Daniel Chan, an analyst at Brilliant & Bright Investment Consultancy Ltd in Hong Kong.

SPC rejects appeal by Qihoo 360