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Yuan's rise knocks the wind out of US dollar
   2017-01-06 09:30:43    Shanghai Daily/CRIENGLISH.com      Web Editor: Zhang Guanghao

The yuan closes at 6.8817 in Shanghai by 4:30pm Thursday, up 668 basis points from Wednesday. The figure represents the largest daily move in 11 months. [Photo: Shanghai Daily]

Some of the biggest gains on record for the yuan sent currency markets spinning Thursday, driving the US dollar broadly lower and threatening to quash one of the central bets of global investors for 2017.

The yuan strengthened against the US dollar onshore on Thursday by the most in nearly a year as the Chinese central bank raised the currency¡¯s official guidance rate amid a slight weakening of the dollar.

The yuan closed at 6.8817 in Shanghai by 4:30pm Thursday, up 668 basis points from Wednesday, recording the largest daily move in 11 months.

The firming came after the People¡¯s Bank of China set the yuan¡¯s central parity rate at 6.9307 per US dollar, 219 basis points stronger than Wednesday¡¯s.

It was the largest daily move since December 6 last year.

The yuan can trade between 2 percent either side of the official guidance rate.

On the offshore market in Hong Kong, the yuan firmed from 6.87 to briefly touch the 6.80 against the US dollar on Tuesday, a nearly two-month high.

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