BEIJING -- The People's Bank of China raised the yuan reference rate 0.9% against the dollar Friday, the biggest upward adjustment since July 2005, as Chinese authorities attempt shock therapy against expectations of further depreciation.
The reference rate for the onshore market rose by 0.0639 yuan, reaching a strong 6.8668 yuan to the dollar. China's currency had hit a roughly one-month high Thursday in Shanghai following a spike in the offshore Hong Kong market, which was dutifully played up on state-run media.
