The onshore spot rate for the yuan hit a record high of 6.0972 per US dollar in intraday trading Tuesday, breaking a record set just a day earlier, South China Morning Post reported. Beijing has allowed the yuan to hit record highs against the US dollar repeatedly over the past few days, prompting speculation that more liberalization of the country’s foreign exchange market – including a widening of the currency’s trading band – could be around the corner. The fix rate, set by the People’s Bank of China each trading day, was just below the record high.
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