China sets biggest one-day yuan increase in over decade

China only allows the tightly controlled yuan to rise or fall two percent on either side of the daily fix, to prevent volatility and maintain control over the currencyChina on Friday hiked the yuan against the dollar in its biggest one-day increase since 2005, after the greenback fell against leading currencies the previous day. Markets in Asia were flat after a day of little change in Europe and on Wall Street, but Samsung shares were boosted as it tipped soaring profits while Toyota dipped following a threat from Donald Trump over a new vehicle plant in Mexico. The People's Bank of China (PBoC), which has been battling to shore up the sagging yuan, fixed it at 6.8668 to the greenback, according to the China Foreign Exchange Trade System, which operates the national foreign exchange market.


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