The Yuan rose the most against the Dollar last week since December 2008, gaining 0.5 percent to 6.7900 per Dollar. Twelve-month non-deliverable forwards rose 0.1 percent to 6.6720 per dollar as of 12:24 p.m. in Hong Kong, according to data compiled by Bloomberg.
The People's Bank of China ended a two-year old Yuan/Dollar peg on June 19. The central bank fixed the yuan’s reference rate at 6.7890 today, compared with 6.7896 on June 25, Bloomberg reported.
Analysts expect the Yuan to rise as much as 3% against the greenback over the next year.