Economics
China Sets Strongest Yuan Fixing on Record Before Xi-Obama Talks
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China’s central bank set the strongest yuan reference rate on record before Chinese President Xi Jinping and U.S. counterpart Barack Obama meet for talks in California later today.
The People’s Bank of China raised the yuan’s fixing by 0.19 percent to a record 6.1620 per dollar. The increase was the biggest since May 2, official data show. The onshore spot rate gained 0.04 percent today and was little changed this week before data tomorrow that may show export growth halved in May. The currency has appreciated 1.6 percent this year, Asia’s best performance.