Beijing (AsiaNews/Agencies) - The Chinese yuan has reached a 19-year high, while there are signs that China's economy is recovering from a crisis that has lasted almost two years.
The People's Bank of China has increased by 0.03% the yuan's daily reference rate, bringing it to 6.28840 per U.S. dollar: the highest rate achieved by the currency since 1993, when China unified official and market exchange rates.
According to several analysts, the business world is recovering confidence in the Chinese market, marked by almost two years of slowdown. The PMI (purchasing managers' index, an indicator of production) in November, according to unofficial figures from HSBC, rose to 50.4. Fifty is the dividing line between expansion and contraction. In October, the PMI was 49.5. November's increase is the first in 13 months. Over the past two months, equity funds from abroad have grown by 4 billion U.S. dollars. According to a study at Renmin University, the Chinese economy will grow by 8% this year, and by 9.3% in 2013.