The Chinese yuan gained today on the speculation that the Chinese government would allow the currency to appreciate ahead of the Group of Twenty meeting.

The People’s Bank of China increased the yuan’s reference rate by 0.17 percent to 6.6580 versus the US dollar today, the biggest gain in more than three weeks. This move allowed to appreciate not only the yuan, but also other riskier currencies. Such action may be performed because of the political reasons ahead of G-20 meeting on November 11th.

USD/CNY traded at 6.6420 as of 14:57 GMT today after it opened at 6.6840.

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