Global markets surge as China's yuan hits five-year high against dollar

Telegraph
"The yuan, meanwhile, climbed to 6.7969 to the dollar on Monday - the highest level against since July 2005. The currency, which has been effectively pegged at about 6.8 to the dollar since 2008, has been allowed to move within a 0.5-percent range on either side of the peg.Crude oil prices also rose strongly, nearing $80 per barrel on expectations of higher demand from Chinese consumers."