Yuan Gains Most in Three Weeks as PBOC Raises Fixing to Record

The yuan advanced the most in three weeks after the People’s Bank of China set the currency’s reference rate at the strongest level on record.

The central bank raised the daily fixing by 0.07 percent to 6.2919 per dollar, the strongest level since a dollar peg ended in July 2005. Oil prices rose 0.5 percent to $107.04 a barrel in New York after sliding 3 percent in the previous two days. Crude reached a nine-month high of $109.95 on Feb. 24. The European Central Bank will probably grant euro-area lenders 470 billion ($633 billion) euros of loans this week, according a Bloomberg News survey, which may spur inflows into emerging markets.