Yuan enjoys biggest one-day gain since 2005

Yuan enjoys biggest one-day gain since 2005

Yuan enjoys biggest one-day gain since 2005

CCTV.com

02-16-2016 00:16 BJ

 

 

 

China’s yuan enjoyed its biggest one-day gain in more than a decade on Monday. The yuan jumped 1.14% per cent in mainland trading to close at 6.4944. That's the yuan's highest level so far this year and its biggest single daily increase since currency reforms in July 2005.

The jump came after the central bank on Monday set the yuan-dollar midpoint at the highest level since January 4th. The rate was set at 6.5118 yuan per US dollar, up sharply from 6.5314 before the Chinese New year holidays. The strengthening also followed a week in which the yuan continued trading offshore, over which time it gained 0.9 per cent, while onshore markets were closed.

 

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