USD/CNY: Yuan hits fresh 6-month highs

With the Chinese traders returning to markets after an extended holiday-break, the local currency – Yuan, jumped to its highest levels since December last year against its American counterpart.

The Chinese currency rallied hard on Wednesday, after the USD/CNY reference rate was set at its highest in a couple of weeks. PBOC set USD/CNY central rate at 6.8633 vs. 6.8698 Friday

Further, the Yuan also benefited from upbeat Chinese manufacturing PMI report released earlier today. China's manufacturing sector activity maintained the pace of growth in May as seen in April, with a headline reading of 51.2, official data showed.