China’s central bank appears to have underlined its commitment to currency reform by allowing the yuan to set record highs against the dollar despite signs of unexpected weakness in exports.
The yuan hit a second consecutive record intraday high of 6.1011 on Tuesday, after the People’s Bank of China set its mid-point – the center of the currency’s 2 percent daily trading band – at an all-time peak the previous day.
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.
via CNBC
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