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 raised the daily midpoint exchange rate for the yuan against the US dollar by 187 basis points to 6.152.

Yuan jumps to 6-month high against US dollar

The yuan rose to a six-month high yesterday after its biggest single-day increase in the midpoint rate in four years following a record trade surplus for last month.