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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 per USD last week.

The rally has brought the yuan comfortably distant from the 7 per USD level, a key psychological level that the authority has been defending.

Last October . . .

 

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