Inflation, trade drive yuan to 19-year US$ high

The yuan strengthened to less than 6.22 against the US dollar yesterday for the first time in 19 years, as bullish sentiment was boosted by mainland inflation and trade data.

The currency touched 6.2155 against the greenback in intraday trading - its strongest level since 1993 - after the People's Bank of China set the reference rate 0.13 per cent lower than Thursday at 6.2712 per dollar in response to an overnight fall in the US dollar.

via Business feed http://www.scmp.com/business/money/article/1125919/inflation-trade-drive-yuan-19-year-us-high