China raises yuan peg; biggest boost in 10 yrs

BEIJING: China raised the central rate for its yuan currency by the largest amount in a decade Monday, officials and reports said, just three months after a surprise devaluation sent shockwaves through global markets.

The world’s second largest economy adjusted the yuan’s mid-rate upwards by 0.54 percent against the US dollar, according to an announcement by the central People’s Bank of China (PBOC).