Yuan
Yuan hits five-year high against dollar
21-06-2010
The yuan has hit its highest level against the US dollar for five years, after policymakers pledged to make the currency more flexible.
The yuan surged to 6.8089 to the dollar on the nation's main foreign exchange trading market - its highest level since July 2005.
The People's Bank of China said on Saturday that it would "strengthen the flexibility" of the yuan exchange rate.
But at the same time, it said there would be no "large swings" in the currency and no one-off adjustment.
The Bank today left the daily yuan reference rate unchanged at 6.8275 to the dollar.
