USD/CNY: Yuan surges to fresh five-week tops

The Chinese currency extended its rebound against the American dollar from the previous, sending USD/CNY to fresh five-week lows of 6.8757.

The onshore yuan tracked the ongoing rally in its offshore counterpart in Kong Kong, which rose to the highest levels in a year against the greenback.

The rise in the onshore yuan per dollar can be also partly attributed to a stronger Yuan fix set by the Chinese central bank today. PBOC set the USD/CNY reference rate at 6.930, down from Wednesday’s 6.9526.

Meanwhile, the USD/CNY pair sinks -0.57% to 6.8957, recovering sharply from fresh five-week troughs seen some minutes ago.