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China's yuan hits 3-1/2-year high on heavy holiday demand, PBOC guidance
China’s yuan advanced to a more than 3-1/2-year high against the dollar on Monday, guided by amuch firmer central bank fixing and heavy corporate demand ahead of the Lunar New Year holiday. Investors also anxiously await the Federal Reserve’s policy meeting later this week, at which the U.S. central bank could reveal some comments on its plans to remove monetary stimulus this year. The Fed is expected to raise rates as early as March, with several more increases seen over the year.Prior to market opening, the People’s Bank of China (PBOC) set the midpoint at 6.3411 yuan per dollar, 81 pips, or 0.13%, stronger ... (full story)