Chinese yuan hits four-year high
The Chinese yuan has risen to its highest level in over a year, as the People's Bank of China continues to support the currency ahead of the upcoming meeting between President Xi Jinping and his American counterpart, Donald Trump. The central bank has increased the yuan's reference exchange rate for eight consecutive sessions, the longest streak since 2023, leading to a 0.12% decline in the dollar's value against the yuan, reaching 6.6969 yuan. This resurgence of the Chinese currency comes amid anticipation of developments in trade negotiations between Beijing and Washington, as markets continue to monitor the outcomes of the talks and the Chinese government's efforts to support the economy and its currencies.
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