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The Economic Times
The Economic Times
Business
Anupam Nagar

Global Market: Yuan hits 4-year high as traders bet on further gains

China United States Lynn Song ING Bank of America

China’s offshore yuan strengthened to its highest level against the dollar in four years on Friday, as traders bet that this week’s US interest-rate hike has not disrupted the currency’s appreciation cycle, according to a report by Reuters.

In the onshore market, the yuan gained about 0.15% and was on track for its third consecutive weekly advance. The currency has also drawn support from expectations that next week’s meeting between US President Donald Trump and Chinese President Xi Jinping could help ease trade tensions, Reuters reported.

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