China’s yuan hits post-2005 high as Oct holiday approaches

by on September 28, 2012 7:25 am BST

SHANGHAI, Sept 28 |
Fri Sep 28, 2012 3:25am EDT

(Reuters) – China’s yuan rose on Friday to
its strongest level since China’s landmark de-pegging of its
currency in July 2005.

The yuan hit 6.2856 per dollar shortly after 3 pm (0700
GMT), 169 pips stronger than Thursday’s close and 84 pips above
its midday level of around 6.2940.

The yuan has strengthened consistently since hitting a 2012
intraday low of 6.3967 on July 25, supported by the dollar’s
retreat in global markets and, more recently, the launch of the
Federal Reserve’s latest round of quantitative easing.