China’s Yuan Rises to Strongest Since ‘16 Versus Basket of Peers
- Authorities are signaling they are comfortable with the rally
- Appreciating yuan will help dent impact of imported inflation
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The yuan’s rally gathered pace on Thursday, with the Chinese currency climbing to its strongest level since March 2016 against a basket of trading partners.
The yuan rose 0.2% versus a group of 24 exchange rates to 98 points, surpassing its previous peak from 2018, according to data compiled by Bloomberg. Against the dollar, the Chinese currency was up 0.2% to 6.3779 at 5:24 p.m. local time.