Chinese Yuan Hits High Against Dollar Ahead of G-20 Summit


China's currency climbed on Friday to its strongest level yet as the country's central bank set its daily official level to new highs against the dollar ahead of the G-20 summit.

The People's Bank of China set the rate at 6.7896 yuan per dollar, 0.3% stronger than Thursday's official rate, the Associated Press reported. The rate is a weighted average of prices given by market makers, excluding highest and lowest offers.

Beijing vowed last weekend to let the currency fluctuate more, a move that was welcomed by many of the world's large economies. China's trading partners are concerned that the yuan may be undervalued, giving Chinese exports an unfair advantage in global markets.

President Barack Obama has said that a more flexible yuan would be good for China, the U.S. and the world economy.

By late Friday local time, the yuan traded at around 6.7914 per dollar, after falling to 6.7869. That's a change of about 0.53% for the week, the biggest fluctuation in the currency since the government pegged it to 6.83 two years ago.