China Analysts Already Calling Time on Yuan’s Surge Past 7
- Currency stronger than key level for first time since August
- Recent rally likely to be temporary, top forecaster says
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China’s yuan rallied past 7 per dollar only yesterday and analysts are already warning the strength won’t last.
The currency jumped as much as 0.60% to 6.9880 a dollar Tuesday, trading stronger than the key level for the first time since August. The offshore rate rose as much 0.66%. The level had been a key support for the currency for years until August, when the central bank allowed it to weaken past 7 for the first time in more than a decade.