Yuan Rises As Commerce Ministry Reassures Exporters

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BY OWEN FLETCHER AND JOY C. SHAW

BEIJING—On the eve of the Group of 20 leaders' summit in Toronto, the yuan rose to a modern-era high against the U.S. dollar, while a senior Chinese trade official sought to convince exporters that a stronger currency won't damage their competitiveness and might even be positive.

Friday's yuan rise was again guided by China's central bank, which last weekend dropped the yuan's two-year peg to the dollar. The 0.53% rise in the yuan that Beijing has allowed this week is likely to take the heat off Chinese President Hu Jintao as he meets leaders of the world's 20 largest industrialized ...

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