Jun 22
The yuan rose to its highest level against the US dollar in five years on June 22 after China’s central bank vowed to make the currency regime more flexible.
Chinese authorities said on June 19 that it would push ahead with the yuan (renminbi) exchange rate mechanism reform, a move that is expected to loosen the currency’s two-year-old peg to the US dollar and lead to its gradual appreciation.
However, China’s central bank ruled out the possibility of a one-off revaluation.
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