China's Yuan Rallies, Posting Biggest Two-Day Gain in a Decade
- Trump is said to have asked cabinet to draft China trade deal
- Currency’s fate depends on two nations’ actions, Westpac says
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From the lowest in a decade to the biggest two-day gain -- in the same timespan.
It’s been a wild ride this week for China’s yuan, whipsawed as concern about a slowdown in the world’s second-biggest economy gave way to optimism that trade tension with the U.S. may ease. The onshore currency closed Friday at 6.8870 per dollar, a two-day gain of more than 1.2 percent as it inched away from the key psychological level of 7 against the greenback.