SHANGHAI: China’s yuan hovered near its 3-1/2-year peak against a weakening US dollar on Friday, with investors shifting attention to the Jackson Hole symposium for fresh policy signals from the Federal Reserve that could sway currency markets.
The dollar was on shaky ground and set for a weekly loss, as investors viewed the US Treasury’s bond buyback plan as merely a temporary fix while raising fresh concerns about officials’ increasingly interventionist approach.
In the spot market, the onshore yuan traded in a tight range in morning deals and was last up 0.06 percent at 6.7221 per dollar as of 0329 GMT. It was not far from 6.7203, its highest level since February 2023, hit a day earlier.
If the yuan finishes the late night session at the midday level, it would gain 0.3 percent against the dollar to book its eighth straight weekly rise.
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