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Yuan hits new high on PBOC moves

The yuan strengthened after China's trade surplus approached a record and the central bank raised its reference rate by the most since the end of a de-facto peg to the greenback in 2010. The currency was boosted also by the announcement that a Shanghai-Hong Kong stock exchange link will start on Nov 17. The People's Bank of China raised the yuan's daily fixing by 0.37 percent to 6.1377 per dollar. Exports rose more than estimated in October, helping push the trade surplus to the third-highest on record. The yuan advanced 0.05 percent to close at 6.1196 per dollar in Shanghai, China Foreign Exchange Trade System prices show.

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