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.
