Economics
Yuan Jumps Most This Year, Breaks Through 6.20 Versus the Dollar
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China’s yuan jumped the most since December and strengthened beyond 6.20 per dollar for the first time in 19 years after the central bank set a record reference rate for the currency.
The People’s Bank of China raised the fixing by 0.14 percent, the most since Feb. 8, to 6.2586 per dollar today. The yuan is allowed to trade 1 percent on either side of the rate. An official Purchasing Managers’ Index was at 50.9 in March, the highest since April 2012 and above the 50 level that represents the dividing line between growth and contraction, data showed yesterday.