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China guides yuan higher to lift status before party congress

But currency's surge also prompts central bank measure to slow appreciation

BEIJING -- China has been driving up its currency, apparently in an effort to boost national prestige in time for the ruling Communist Party's crucial National Congress starting on Oct. 18.

The yuan has appreciated 6% against the dollar since the start of the year amid the greenback's general softening and a solid Chinese economy. But another major factor involves the change in how the People's Bank of China calculates its daily reference rate, published every morning.

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