Final SDR Push Underway

China gives currency largest boost in a decade

The central People's Bank of China adjusted the central rate of the yuan -- also known as the renminbi (RMB) -- upwards by 0.54 percent against the US dollar, according to a statement.

The increase was the largest since 2005 when Beijing unpegged the yuan from the dollar, Bloomberg News reported.

Analysts attributed the move to improved sentiment towards the world's second largest economy as well as an impending decision by the International Monetary Fund on whether to include the yuan in its internal "special drawing rights" (SDR) reserve currency basket.

If it weren't for the SDR push, the yuan would be falling.