Chinese yuan hit one-year high as US dollar slid to weakest in 27 months

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Chinese yuan strengthened sharply against the US dollar to hit the strongest level in more than one year, boosted by improving domestic data and a widening interest rate gap favouring the Chinese currency.

The onshore yuan ended the domestic trading session on Tuesday at 6.8239 per dollar, its highest close since May 10, 2019, after surging as much as 0.56 per cent to hit 6.8100 at one point. Its offshore counterpart hit a July 2019 high of 6.8236 at around 0830 GMT.

The onshore yuan has gained more than 2 per . . .

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