PBoC: Exchange rate raise marks the biggest increase in 11 years - Investec

Research Team at Investec, notes that the People’s Bank of China raised the exchange rate for its currency by 0.56% against the US dollar, the biggest increase in 11 years.

Key Quotes

“There was some suggestion the PBOC's move was a knee-jerk reaction to US dollar weakness after the greenback saw losses in Asian markets, particularly against the yen after the Bank of Japan surprised markets and decided against any extra monetary easing.”