Yuan Rises Most in Two Months as PBOC Official Pledges Stability
- China also has ample foreign exchange reserves, Yi Gang says
- Currency’s advance to be short-lived as dollar will rise: CEB
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The yuan advanced by the most in more than two months after an official from China’s central bank said the currency is strong compared with other exchange rates and the nation’s foreign reserves are ample.
The currency rose 0.17 percent, the most since Sept. 7, to 6.9050 per dollar as of 5:28 p.m. in Shanghai. The offshore rate climbed 0.18 percent. A Bloomberg replica of the CFETS RMB Index, which tracks the yuan against 13 exchange rates, is close to its strongest level in three months. The yuan hovered around its weakest level in eight years last week, as the greenback surged amid speculation U.S. President-elect Donald Trump’s reflationary economic policies will trigger faster monetary tightening.