Yuan at 17 Month High on Potential Biden Presidency – 8 October, 2020
Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo
The Chinese yuan soared to a 17 month high as the dollar softened and investors wagered a Joe Biden presidency and placing bets on a stronger U.S.- China relationship. The onshore yuan was last up 1% to 6.7218 per dollar, and 6.7083 per dollar in offshore trading. Against a basket of currencies, the dollar was down 0.1% and on track for a 4% decline for the week. The Australian dollar was 0.1% higher, and the kiwi was 0.3% higher to $0.6602. The Japanese yen was steady at 105.87 per dollar after dipping 0.5% earlier in the week. The euro was up 0.1% to $1.1773, and the pound was slightly higher at $1.2951.