USD/CNY: Yuan strengthens the most in over 2 months

The Chinese currency extended the recovery from multi-year lows against its American counterpart on Tuesday, advancing the most in more-than two-months after an PBOC official talks up the domestic currency.

PBOC deputy governor Yi Gang noted in an interview with Xinhua News Agency, the Yuan will continue to remain stable in the future and the nation’s foreign reserves are ample.

The PBOC set the yuan reference point against the US dollar at 6.8889, 153 basis points or 0.18% stronger than Monday’s fix of 6.9042.