Yuan Poised for Biggest Two-Day Gain in a Decade on Trade Truce
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The real winner from the trade thaw between the U.S. and China is proving to be the yuan.
The currency rose 0.66 percent to 6.8403 per dollar at 5:34 p.m., taking its two-day gain to 1.7 percent, the biggest since at least 2007. Bonds rallied, with the yield on 10-year government debt falling to its lowest level since April 2017, amid speculation the stronger currency will give policy makers room to ease monetary policy. The benchmark Shanghai stock gauge added 0.4 percent at the close.