USD/CNY: Yuan benefits from robust Chinese economic recovery – Global Times
An opinion piece published by China’s highly-influential Global Times explains the likely reasons behind the yuan’s surge against the US dollar.
Key quotes
“Chinese yuan's central parity exchange rate against US dollar rose 397 basis points to 6.7825 on Wednesday, the highest level since May 2019.”
“The yuan is showing an appreciation trend as China's economy rises and the dollar is battered by the coronavirus pandemic.”
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USD/CNH bears aim to fill May 2019 upside gap as greenback turns heavy ahead of Fed
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