Chinese yuan stages strong rally on Monday after hitting 16-year low last Friday

 

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Chinese yuan posted a strong rally on Monday morning after a sharp depreciation on Friday.

The onshore yuan strengthens by more than 250 pips or 0.35% against the US dollar to recover 7.32 per dollar mark to hit 7.3111 per dollar at one point, after breaking through 7.35 per dollar mark on Friday.

The offshore yuan firms by nearly 400 pips or 0.51% to recover 7.33 per dollar mark, after breaking through 7.36 per dollar mark and approaching 7.37 on Friday.

Last Friday, the yuan slid to a 16-year low against the US dollar amid the strengthen of the greenback and under pressure from a property slump, weak consumer spending, and shrinking credit growth in the world’s second-largest economy. Read more …