Yuan Advances to 19-Year High on PBOC Fixing, Convertibility Bet

China’s yuan rose to a 19-year high as the central bank boosted the currency’s reference rate and on speculation the government will further open the nation’s capital markets to offshore investors.

The People’s Bank of China strengthened the yuan’s daily fixing 0.04 percent to 6.1726 per dollar, after the Bloomberg Dollar Index lost 1 percent in the last three days. China should make monetary controls more coordinated and use multiple tools to ensure stable and moderate credit growth, according to a front-page commentary in today’s Financial News, which is published by the central bank. The nation will push forward with capital-account convertibility, the State Administration of Foreign Exchange said this week.