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Yuan rises to new high ahead of G-20

Yuan rises to new high ahead of G-20
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The Chinese yuan has risen to its strongest level against the U.S. dollar in the currency’s modern era.

Shortly after opening in China, the dollar fell to 6.7856 yuan, down 0.01 from the day before.

With this, the yuan is at its strongest against the dollar in almost three decades.

This comes after the Chinese central bank set the daily official level of the currency at a record low- 6.7896 yuan to the dollar.

Traders saw this as a goodwill gesture ahead of the Group of 20 summit meeting over the weekend.

Beijing’s decision recently to let its currency fluctuate more after keeping it pegged has been welcomed.

Trading partners were concerned the yuan was undervalued, making Chinese exports artificially cheap.