Yuan Advances Beyond 6.21 Per Dollar for First Time in 19 Years
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The yuan strengthened beyond 6.21 per dollar for the first time in 19 years after the central bank raised the currency’s reference rate and as a bailout deal for Cyprus spurred demand for emerging-market assets.
The People’s Bank of China increased the daily fixing by 0.03 percent to 6.2692 per dollar today, the strongest level since Jan. 15. The currencies of Asia’s developing economies appreciated today as euro-area finance ministers approved a bailout for Cyprus. China will maintain a “reasonable” level of investment as it targets a pickup in domestic demand, the China Securities Journal reported today, citing National Development and Reform Commission Vice Chairman Zhu Zhixin.