The People's Bank of China's decision to fix the renminbi 0.22 per cent higher on Monday could seem minor - until you see a chart of it.
The central bank determines the mid-rate for the renminbi each morning. After weekend data showed the trade surplus nearly double from a month earlier to $35.8bn, the PBoC lifted the daily fix in its biggest move in a year-and-a-half.
The move could signal that the PBoC is satisfied with its effort to batter the currency in recent months.
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