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More gains expected for Chinese yuan after biggest one-week rise since 2005

The Chinese yuan surged on Friday to hit the strongest level since late July last year, boosted by a weaker dollar and rising hopes of progress in the China-US trade talks.

In the onshore market, the Chinese currency strengthened 1.8 percent this week, the biggest one-week gain since July 2005 when Beijing abandoned the yuan’s peg to the greenback. The offshore yuan closed at 6.7609 . . .

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