Yuan Approaches Highest Level Since 1993 Before G-20 Meeting
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China’s yuan is approaching the strongest level against the dollar since 1993 on speculation the country’s central bank will permit faster appreciation before Group of 20 leaders meet this week in Seoul.
The yuan gained 0.51 percent to 6.6440 per dollar yesterday in its biggest daily advance since China abandoned a peg against the greenback in July 2005. It touched 6.6420 earlier, compared with 6.6404 on Oct. 15, the highest level since the central bank unified official and market exchange rates 17 years ago.