Yuan rises after China promises flexibility

By Andy Rice 21 June 2010

On the weekend the People's Bank of China said it would allow the yuan greater flexibility than over the last two years or so, when the currency had been unofficially pegged to the dollar. In Monday morning trade the yuan rose to 6.8110 a dollar, its strongest level since September 2008, and its strongest intraday gain since October of that year, indicating that the central bank is already allowing the currency greater freedom.  Read more: Reuters