Yuan surge shows traders’ faith in PBoC

Since the yuan hit a six-year high on a trade-weighted basis on Nov 17, the People’s Bank of China (PBoC) has set the currency’s daily reference rate at only mildly weaker-than-expected levels.

BEIJING: An unstoppable ascent in the yuan is signalling Beijing’s growing ease with gradually freeing up one of the world’s most tightly-managed currencies.

Since the yuan hit a six-year high on a trade-weighted basis on Nov 17, the People’s Bank of China (PBoC) has set the currency’s daily reference rate at only mildly weaker-than-expected levels.