Yuan rises to 19-year high after increase of reference rate

The Chinese Yuan appreciated to the highest level in 19 years after the People's Bank of China raised the daily reference rate by 0.08% to its strongest level since May 2012 at 6.2689 per U.S. Dollar, while the Yuan is still allowed to trade 1% on either side of the rate. The Yuan advanced by 0.06% closing at 6.2108 per U.S. Dollar and it rose by 0.31% this quarter.