The Chinese yuan continued its upward drive against the U.S. dollar on Thursday after the central bank of the Asian nation raised the reference rate to its highest in more than six months, prompting speculation about quicker gains coming from the U.S. implementing monetary stimulus programs, according to Bloomberg.
The People's Bank of China set the fixing 0.2 percent stronger on Thursday as the nation returned to work after observing three days of holiday. The fixing employed by the PBOC is the strongest since one trading session during this past October.
"The PBOC has showed a clear intention to let the yuan rise: the fixing fell a lot when the dollar weakened, but rose only a tad when the dollar posted gains," a Shanghai-based trader with a local bank told The Wall Street Journal on Thursday.
As host of the globe's second-largest economy, the Asian nation is working through an economic rough patch. The country's manufacturing industry has been slowing.
The renminbi drove to its all-time high against the world's reserve currency on Thursday, according to The Wall Street Journal
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