People's Bank of China lifts yuan to dollar rate to highest

The People’s Bank of China (PBOC) set the midpoint rate at 6.9915 per dollar prior to the market open, 241 pips firmer than the previous fix.

Report informs, citing Chinese media that this was the strongest rate since Aug.6

Local experts believe that China's economy will retain sustainable growth next year with the openness of financial markets expected to increase, foreign investors to remain upbeat on China's capital market. They view the yuan exchange rate to the dollar as generally stable and floating at reasonable limits.