Yuan stays up
China's currency rose to a record high against the US dollar for a second consecutive day on Tuesday after the central bank relaxed its grip on the yuan's movements. The People's Bank of China (PBOC) appears to have flagged a new round of appreciation for its tightly-managed currency into the closing days of the year after it aggressively fixed the daily midpoint at a record high for a third consecutive day.
Copyright Reuters, 2013
In opening trades, the yuan, also known as the renminbi, rose to a record 6.0703 per dollar compared to the previous close of 6.0723 per dollar after the central bank fixed the yuan's daily midpoint at 6.1114, its highest since a 2005 revaluation.