China raises renminbi value

China has raised the value of the renminbi even as its central bankers rule out major reductions in the dollar share of the country's foreign exchange reserves.

China's currency jumped against the United States dollar on 27 November as the PBOC set its rate at Rnb 7.8402 per dollar, the highest level since the current exchange system was set up in July 2005. Traders suggested that the dollar's slide to a 19-month low against the euro last week may have helped trigger the US currency's slip

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