The Chinese yuan, also known as the renminbi, is already convertible under the current account - the broadest measure of trade in goods and services. However, the capital account, which covers portfolio investment and borrowing, is still closely managed by Beijing because of worries about abrupt capital flows.

The People’s Bank of China on Monday set the yuan reference point against the US dollar at 6.5708, 87 basis points or 0.13 per cent stronger than on Friday. Photo: Reuters

Chinese yuan strengthens ahead of Brexit vote

Chinese yuan strengthened against the dollar on Monday after the central bank set the currency stronger against the greenback.

Onshore yuan in Shanghai traded at 6.5780 to the US dollar at 10.15 am, 0.1 per cent or 68 points higher than on Friday.

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