China Sets Biggest One-Day Yuan Increase In Over Decade

CURRENCY

China on Friday hiked the yuan against the dollar in its biggest one-day increase since
2005, after the greenback fell against leading currencies the previous day.

The People’s Bank of China (PBoC), which has been battling to shore up the sagging yuan, fixed it at 6.8668 to the greenback, according to the China Foreign Exchange Trade System, which operates the national foreign exchange market.

The 0.92 percent hike was the strongest daily increase since July 2005, and comes after the yuan recently flirted with the 7.0 to the dollar mark, a threshold not crossed in more than eight years.

APP/AFP/mub

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