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China Gives Currency Biggest Boost In A Decade

Ryan November 4th, 2015
China Gives Currency Biggest Boost In A Decade

 

China on Monday raised the daily reference rate for its yuan currency by the largest margin in a decade, officials and reports said, just three months after a surprise devaluation sent shockwaves through global markets.

The central People's Bank of China adjusted the central rate of the yuan also known as the renminbi upwards by 0.54 percent against the US dollar, according to a statement.

Analysts attributed the move to improved sentiment towards the world's second largest economy as well as an impending decision by the International Monetary Fund on whether to include the yuan in its internal "Special drawing rights" reserve currency basket.

Even so the yuan ended at 6.3371 on Monday, down around 0.30 percent from Friday's close. China seeks to promote the yuan as a global reserve currency next to the dollar.

Authorities moved the yuan almost five percent lower through the daily fix in one week in August, saying it was part of broader reforms aimed at shifting towards a more flexible exchange rate.

China wants to promote the yuan as a global reserve currency alongside the dollar, an ambition that depends on its willingness and ability to loosen tight restrictions on its trade.

 

(AFP Photo/Philippe Lopez)

 

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