Yuan reaches highest value in 19 years against U.S. dollar

China's yuan has touched a value of 6.2004 to the U.S. dollar, the highest exchange rate since the Chinese government combined official and market rates in 1993. The increase comes as the People's Bank of China sets the yuan's reference rate at the highest level since July 2005. China allows the currency to trade 1% above or below the reference rate.

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