Yuan Trades Flat; Expected To Resume Upward Rally On Hopes Of A Biden Win
Yuan traded flat after staying on an upward rally and hitting a 28-month high in the previous session, but is expected to continue its upward journey as the probability of Joe Biden winning the Presidential race increases also backed by China's early recovery from the coronavirus pandemic, as well as Beijing's desire to attract more foreign capital.
The onshore Yuan traded a bit softer at 6.6200 while the Offshore NDF, the best available proxy for Yuan’s future value expectations traded at 6.7755
The People's Bank of China set the midpoint rate at 6.629, the strongest level since July 11, 2018.
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