Also driving the renminbi higher on Tuesday is a Purchasing Managers' Index from last month that checked in at 50.9, marking its top level since last April. A reading of more than 50 of that metric indicates growth. The central bank pushed its daily fixing to its highest since early February.
"Everybody is puzzled by today's midpoint, which has given rise to speculation on why the PBOC is guiding the yuan to appreciate," a trader with a European bank in Shanghai told Reuters on Tuesday. "But it appears everybody agrees that the government's stance is somehow related to politics."
The monetary unit of the globe's second largest economy marked its biggest advance against the currency of the world's largest economy since the middle of this past December.
The yuan's advance of 0.15 percent also was spurred by a particularly strong purchasing interest in the currency, according to Reuters.
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