Yuan Hovers Just Below 3.5 year high – 8 December, 2021
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 dollar failed to budge as major peers picked up speed as markets looked optimistic that the omicron variant is less severe than originally anticipated. The euro was 0.7% stronger, settling at $1.1338 after a week high of $1.1354. The Aussie was last standing at $0.7168 having reached a week high after a rally. After hitting a three and a half year high or 6.3438 on Wednesday, the Chinese yuan was steady at 6.3458 per dollar having gained 3% against the greenback so far this year. The yen moved to 113.76 per dollar, and sterling fell to a one year low of $1.31615 overnight on the announcement of stricter COVID-19 rules. The U.S. dollar index hovered at 96.029.