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Yuan hits biggest daily gain in 6 weeks

By Feng Jianmin (Shanghai Daily)

08:10, November 13, 2012

A worker counts the U.S. dollars at a bank in Qionghai City, south China's Hainan Province, Nov. 12, 2012. The Chinese currency Renminbi, or the yuan, strengthened 92 basis points to 6.2920 against the U.S. dollar on Monday, according to the China Foreign Exchange Trading System. (Xinhua/Meng Zhongde)

THE yuan yesterday firmed up the most in six weeks and hit a new record high in 18 years after data showed China continuing toward an economic recovery.

The yuan ended at 6.2292 per US dollar in Shanghai yesterday, 0.26 percent stronger than Friday's close and was the largest daily gain since September 28, according to the China Foreign Exchange Trade System.

The strong close occurred after the People's Bank of China yesterday set the central parity rate at 6.2920 per dollar, the strongest since May 9.

Economists cited better economic data for October and a wider trade surplus for the yuan's rise. China's customs said on Saturday that exports jumped 11.6 percent from a year earlier and the US$32 billion trade surplus was the largest since January 2009.

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