Yuan Reaches Two-Year High on Economic Recovery – 19 October, 2020

The offshore yuan held near a two-year high against the dollar on economic recovery, while the Aussie slipped to a three-week low. Data showing China’s consumer sector recovery helped boost the offshore yuan, which was as high as 6.6695 per dollar, just above a 2019 high, before settling at 6.6806. The Australian dollar fell 0.3% to $0.7045, having hit a three-week low of $0.7038 earlier when minutes from the Reserve Bank of Australia confirmed a discussion about cutting rates. The New Zealand dollar was 0.4% lower at $0.6578. The euro was steady at $1.1767 having risen 0.44% the previous session, and sterling was steady at $1.2941. Against the yen, the dollar was little changed at 105.46 yen.