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Currencies - Yuan Rises to Highest Level Since 1993 vs. US Dollar

Currencies - Yuan Rises to Highest Level Since 1993 vs. US Dollar

The Chinese yuan reached the strongest level since 1993 versus the US dollar today on the speculation that China’s government would allow the faster appreciation of the currency to avoid the trade sanctions from the US.

Lu Ting, the economist at the Bank of America-Merrill Lynch explained:

    China doesn’t want to see the relationship with the U.S. get hurt because of the currency issue. There will be more space for yuan appreciation also because signs show the economy will have a soft landing.

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