China's yuan rises to a record after fix, exports data

Reuters

HONG KONG, Dec 9 (Reuters) - China's yuan barreled to a newrecord high against the U.S. dollar on Monday after the centralbank fixed the daily midpoint at its highest level since a 2005revaluation and following strong exports data over the weekend.

In opening trades, the Chinese yuan hit a record of 6.0761per dollar compared to 6.0817 at Friday's close. The dailymidpoint was fixed at 6.1130 per dollar compared to 6.1232 onFriday.

In the past two sessions, the yuan has broken conclusivelyout of its narrow trading range, indicating a noticeable shiftin the central bank's currency management strategy.

The yuan's early moves also came after November exports datablew past forecasts indicating the yuan's rise this year hasn'thurt exporters. Exports rose 12.7 percent from a year earlier,the Customs Administration said on Sunday, against a medianforecast in a Reuters poll of a 7.1 percent rise.

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