China’s Yuan On Track For Second Straight Year of Gains – 30 December, 2021

The Chinese yuan is on track for its second straight year of gains ahead of the new year. Against the dollar, the Chinese currency, supported by robust export and growing trade surplus, will gain about 2.5% against a rising dollar this year to become the best performing emerging currency. The Peoples Bank of China set the median rate at 6.3757 per dollar ahead of the market opening, 83 pips or 0.13% weaker than the previous fix. The ground yuan opened at 6.3750 per dollar and changed hands at 6.3737 at noon, 6 pipes weaker than the previous late session close. Trading was quiet with many market participants on their end of year holiday.