China’s central bank appeared to underline its commitment to currency reform on Monday by allowing the yuan to rise to a record high against the dollar despite signs of unexpected weakness in exports.
The People’s Bank of China set the yuan’s mid-point – the center of the currency’s 2 percent daily trading band – at a record high and later allowed the spot rate to hit a record peak during intraday trading.
The currency moves came hot on the heels of official data showing Chinese exports slid in September by 0.3 percent from a year earlier. The figures confounded expectations for a 6 percent rise and marked the worst performance in three months.
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