Yuan Hits Its 28-Month High On Biden Presidency

Yuan Hits Its 28-Month High On Biden Presidency

09 Nov 2020 11:31 AM
 

Yuan touched its 28-month high against a weakening dollar, supported by an optimistic market sentiment following Joe Biden's election as U.S. president.

Investors are hopeful that a Biden presidency could lead to calmer trade relations and foreign policies with China and expect that he is unlikely to re-open the trade war, which has weighed on the Chinese Yuan over the last two years.

Onshore spot Yuan opened at 6.5950 per dollar, the strongest since June 26, 2018 while the offshore Yuan was trading at 6.5703 per dollar.

The People's Bank of China (PBOC) set the midpoint at a 28-month high of 6.6123 per dollar, stronger than the previous fix of 6.6290.