Global Currency Panic Bypasses Yuan on Better Virus Outlook
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There was little sense of turmoil in China’s currency market, with the yuan holding near its strongest level since January, even as emerging nation peers plunged.
The yuan was 0.17% weaker at 6.9460 per dollar as of 5:53 p.m. after strengthening as much as 0.36%. The Chinese currency has climbed 1.2% in the past two weeks, bolstered by an equity market recovery and bond rally. Monday’s plunge in crude prices may also benefit China, given its status as a net oil importer.