Yuan climbs toward 19-year high on improving economic outlook

China’s yuan climbed toward a 19-year high on speculation global investors will boost holdings of local assets as the world’s second-largest economy recovers from a seven-quarter slowdown.

The People’s Bank of China raised the daily reference rate by 0.03 per cent to 6.28840 per dollar. The yuan has tested the 1 per cent upper limit of its trading band on most days this month.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1091024/yuan-climbs-toward-19-year-high-improving-economic