Yuan gains as reference rate jumps

China's yuan advanced to near its strongest level since 1993 as the currency's reference rate rose the most in four months. The People's Bank of China set the rate 0.14 per cent stronger at 6.4949 per dollar, the biggest increase since January 14. Policy makers may allow the yuan to move within 1 per cent of the rate, from 0.5 per cent now, Taiwan's Economic Daily News reported yesterday, citing a Chinese central bank official it didn't name. The yuan is little changed since May 11, when data showed consumer prices gained 5.3 per cent in April following a 5.4 per cent rise in March that was the biggest since July 2008. From/ Gulf News