Yuan hits 2-week high as economy regains traction

The yuan has risen 1.8% so far this year, mainly in April and May, while most other emerging market currencies suffered losses.

HONG KONG: China's yuan hit a two-week high against the dollar on Monday after the central bank set a record-high midpoint to reflect the weakness in the dollar, and on further signs that the world's second-largest economy is regaining traction.

The People's Bank of China (PBoC) fixed the yuan's midpoint at 6.1475, or 82 pips lower than Friday's 6.1557, boosting expectations that the yuan will pick up its appreciation pace and gain for the third straight month.