Yuan rises to 19-year high on PBOC rate fixing

The yuan rose to a 19-year high after the central bank raised its reference rate for the currency, and a report indicated that manufacturing expanded in March at the fastest pace in 11 months. The People's Bank of China on Monday increased the currency's fixing by 0.02 percent to 6.2674 per dollar, the strongest level since May 2012. The official Purchasing Managers' Index was 50.9 in March, the highest since April 2012 and above the 50 level that is the dividing line between growth and contraction.

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