Yuan Jumps to Highest Since 2018 Amid Upbeat Risk Sentiment
- Offshore yuan may test 6.3 a dollar in weeks ahead: Scotiabank
- PBOC currency fixings have been close to estimates this year
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China’s offshore yuan climbed to the strongest level in almost four years as traders took a lack of pushback from the central bank on the currency’s recent advance as a green light for further gains.
While the catalyst for Friday’s move was improving risk sentiment due to planned talks between Russia and the U.S. over Ukraine, the yuan has been climbing this year on China’s strong exports and foreign buying of onshore assets. Media reports on measures to boost the nation’s flagging property sector added fuel to the rally ahead of the weekend.