Yuan hits 3.5-year high vs dollar
The Chinese yuan has reached its highest level in over three and a half years against the dollar, ahead of an upcoming summit between Trump and Xi. This comes amidst indications that the People's Bank of China is easing restrictions on the currency's appreciation. The yuan hit 6.695 against the dollar, its strongest level since January 16, 2023, and rose by 0.03% in the offshore market, with hints of a more accommodative stance and efforts to support currency stability. These movements suggest the possibility of a gradual continuation of the yuan's appreciation, especially ahead of the summit where issues such as trade relations and supply chains will be discussed. However, there are warnings that the current gains may not reflect China’s adoption of a sustainable approach to steadily increasing the currency.
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