SHANGHAI: China’s yuan dipped on Friday, but is set for a 12th week of gains in its longest winning streak in 13 years, as exporters rushed to bring home receipts from booming trade ahead of the Lunar New Year.
Some analysts also see the rising yuan and China’s buoyant stock market feeding each other, but say the central bank has enough tools up its sleeves to forestall the currency appreciating too quickly.
The onshore yuan changed hands at 6.9068 per dollar around noon, slightly weaker than the previous session’s close of 6.9033. The dollar index rebounded 0.03 percent in Asian trade.
For the week, the yuan has gained roughly 0.4 percent in its best weekly performance this year. It also marked the longest run of weekly gains since late 2012.
Comments
Comments are closed for this article.