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Yuan in Biggest Three-Day Rally Since September as Dollar Drops

  • Chinese currency ekes out gains as U.S. election main focus
  • Alternative assets climb as yuan seen resuming declines on Fed
Updated on

China’s yuan headed for its biggest three-day gain in two months as the dollar weakened amid growing market volatility ahead of next week’s U.S. presidential election.

The exchange rate climbed 0.09 percent to 6.7620 a dollar as of 5 p.m. in Shanghai, extended a three-day advance to 0.28 percent. The Chinese currency has been closely tracking the dollar since the yuan entered the International Monetary Fund’s reserves basket on Oct. 1, with the People’s Bank of China seen pulling back on efforts to prop up the yuan when the greenback advances.