Jan 02, 2008 -- /prbuzz/ --The yuan has risen the most against the dollar since China ended its fixed-exchange rate in July 2005, it has emerged.
The currency gained 0.37 per cent on Thursday, trading at 7.3162 at 5:30pm close of play in Shanghai, according to the China Foreign Exchange Trade System.
The central bank had signalled a shift in policy towards faster appreciation after setting a strong mid-point for the yuan of 7.3079.
Such a high mid-point follows a string of strong daily reference points and is seen as further evidence of the central bank's determination to use the exchange rate to tackle inflation.
A bank trader at a Chinese bank commented: "The extraordinarily strong mid-points seen this week are a clear signal of faster appreciation of the yuan in the coming year.
"They could be followed by some big moves soon, possibly even a further widening of the yuan's daily trading band."
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