The People’s Bank of China increased the fixing by 0.08 percent to 6.2689 per dollar, the highest since May 2, 2012. The currency is allowed to trade 1 percent either side of the rate.
The yuan climbed 0.06 percent to close at 6.2108 per dollar in Shanghai, prices from the China Foreign Exchange Trade System show. The currency, which gained 0.31 percent this quarter, reached 6.2086 earlier, the strongest level since the government unified official and market exchange rates at the end of 1993.
Samson Tu, a Taipei-based fund manager warns that “The yuan’s recent strength is probably politically driven as [president Xi Jinping] is on overseas visits.”
Nevertheless, as these two charts show, China’s currency is definitely on the up:
[Via: Business Insider]