China's Yuan Jumps to Highest Since 2015 as Trade Tensions Ease
- Currency strengthens as much as 0.6% before erasing gains
- Exchange rate is heading for fifth quarterly advance
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China’s currency touched its highest level in almost three years amid signs that a trade war may be averted, before erasing gains as the greenback rebounded.
The yuan surged as much as 0.6 percent to 6.2418 per dollar on Tuesday to its strongest level since a devaluation in August 2015. The currency closed down 0.1 percent, while the offshore rate dropped 0.35 percent at 6:35 p.m. in Hong Kong.