December 9, 2013 / 1:46 AM / 4 years ago

China's yuan rises to a record after fix, exports data

HONG KONG, Dec 9 (Reuters) - China’s yuan barreled to a new record high against the U.S. dollar on Monday after the central bank fixed the daily midpoint at its highest level since a 2005 revaluation and following strong exports data over the weekend.

In opening trades, the Chinese yuan hit a record of 6.0761 per dollar compared to 6.0817 at Friday’s close. The daily midpoint was fixed at 6.1130 per dollar compared to 6.1232 on Friday.

In the past two sessions, the yuan has broken conclusively out of its narrow trading range, indicating a noticeable shift in the central bank’s currency management strategy.

The yuan’s early moves also came after November exports data blew past forecasts indicating the yuan’s rise this year hasn’t hurt exporters. Exports rose 12.7 percent from a year earlier, the Customs Administration said on Sunday, against a median forecast in a Reuters poll of a 7.1 percent rise.

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