Yuan at 20-year high as ref­er­ence rate strength­ened

China Daily (Hong Kong) - - BUSINESS / DIGEST -

The yuan ad­vanced to its strong­est level in 20 years as the Peo­ple’s Bank of China raised the cur­rency’s ref­er­ence rate the most in two weeks. The PBOC boosted the daily fix­ing on Mon­day by 0.06 per­cent, the most since Dec 9, to 6.1161 per dol­lar. The In­ter­na­tional Mone­tary Fund is rais­ing its US eco­nomic growth fore­cast as a bud­get deal in Wash­ing­ton and the Fed­eral Re­serve’s plan to taper its stim­u­lus have eased doubts about the out­look for the world’s largest econ­omy, Man­ag­ing Di­rec­tor Chris­tine La­garde said in an in­ter­view aired on NBC’s “Meet the Press.” “The yuan will con­tinue with its ap­pre­ci­a­tion trend as bet­ter economies in the US and Europe help Chi­nese ex­ports,” said Liu Dongliang, a se­nior an­a­lyst at China Mer­chants

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