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Chinese Yuan reaches 16-month high against the dollar amid PBOC stimulus measures
Posted on September 26, 2024 |
The yuan has reached its highest level in over 16 months after China announced new measures to boost its slowing economy.
The offshore yuan briefly hit 6.9946 per dollar, the strongest since May 2023.
The onshore yuan is currently at 7.0319 against the U.S. dollar, also its highest since last May.
Chinese officials need to be careful that the yuan's rise does not hurt the export sector.
A fast increase in the yuan's value could lead to lower prices for Chinese exports.
Unlike the U.S. dollar and Japanese yen, the yuan's value is closely controlled by China.
The yuan can only trade within 2% of a set daily rate and has an offshore version traded in places like Hong Kong, which is more affected by market demand.