Yuan Nears Strongest Level Since 2015 Devaluation

Bundles of Chinese one-hundred yuan banknotes are arranged for a photograph at the Counterfeit Notes Response Center of KEB Hana Bank in Seoul, South Korea, on Monday, Dec. 21, 2015. The offshore yuan climbed the most in a week on optimism that China's leaders are focusing on boosting growth in the world's second-largest economy.Photographer: SeongJoon Cho/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Bloomberg News

February 7, 2018 at 5:30 AM UTC

Updated on

February 7, 2018 at 9:12 AM UTC

This article is for subscribers only.

China’s yuan advanced toward the strongest level since before its devaluation in 2015, shrugging off central bank signals that appreciation should slow.

The onshore yuan rose 0.3 percent to 6.2620 per dollar as of 5:10 p.m. local time, its third day of gains. The currency is at its strongest since Aug. 11, 2015. Wednesday’s increase came after the People’s Bank of China set the daily reference rate 75 pips weaker than the average estimate in a Bloomberg survey, the biggest discrepancy in four months. A Bloomberg replica of the CFETS RMB Index climbed above 97 for the first time.