Yuan mid-point rebound to 7.0012

The People's Bank of China set the mid-point of yuan at 7.0012 this morning, rebounding a little after breaking the 7 mark on Thursday.

The yuan has now appreciated a further 15.84 percent since it was revalued by 2.1 percent to 8.11 per dollar on July 21, 2005, and freed from a dollar peg to float within managed banks. The traded peak since it was floated is 6.9907 reached on Thursday.