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Currencies

Yuan rallies as Chinese central bank revives pricing support

PBOC's intervention draws fire as tampering with market

The yuan appreciated about 1% on Aug. 27 to touch a high of 6.81 against the dollar.   © Reuters

SHANGHAI -- The Chinese yuan recovered to a four-week high against the U.S. dollar Monday on strong buying spurred by the reintroduction of a measure to prop up the currency through daily fixing.

The yuan gained about 1% against the dollar to touch the 6.81 range -- a level not seen since the start of the month. The surge came after an announcement by the People's Bank of China on Friday that it was bringing back a mechanism known as the countercyclical factor to adjust the daily pricing.

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