China's yuan hits strongest level against dollar so far this year

China`s yuan currency touched 6.4856 to the dollar on Thursday, its strongest level so far in 2016.

Reuters| Last Updated: Mar 17, 2016, 15:14 PM IST

Shanghai: China`s yuan currency touched 6.4856 to the dollar on Thursday, its strongest level so far in 2016.

After sharp declines in December and January which rattled global markets, the yuan has been on a firming trend recently thanks to strong intervention by the central bank to head off expectations of further depreciation.

The dollar also has weakened significantly against a basket of currencies since that time, which has helped ease pressure on the yuan, analysts say.