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SHANGHAI, China (AP) - China's currency rose Friday to its highest closing level against the U.S. dollar since a revaluation last July, after the biggest one-day drop in the opening dollar/yuan parity rate this year.
The yuan's advance pushed up property shares and reinforced currency traders' views that the central bank is letting the yuan rise faster than before.
The stronger yuan boosted buying of property shares on China's stock markets. The benchmark Shanghai Composite Index climbed 0.6 percent to 1,296.87. The Shenzhen Composite Index rose 0.8 percent to 316.31.
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