China’s Yuan Extends Best Week Since 2017 on Biden’s Victory
- Strength seen lasting as China’s economy recovers from virus
- Fixing is stronger than expected for first time since Oct. 23
Photographer: SeongJoon Cho/Bloomberg
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The yuan extended its recent rally as the dollar weakened following Joe Biden’s presidential victory in the U.S.
The offshore yuan was 0.37% stronger at 6.5671 per dollar at 4:41 p.m. in Hong Kong, following last week’s 1.6% surge that was the biggest gain since January 2017. The currency has been on a tear since the start of June as China’s economy rebounded, attractive bond yields drew overseas funds and investors bet on more stable relations with the U.S. in the event of a Biden presidency.