Chinese Yuan Posts Biggest Gain In 2.5 Years
International Business Times
Published Jun 16, 2014 12:14AM ET
Chinese Yuan Posts Biggest Gain In 2.5 Years
By Marcy Kreiter - The Chinese yuan last week scored its biggest weekly jump since December 2011, finishing at 6.2107 to the dollar, a gain of 0.6 percent.
The jump may indicate an end to the People's Bank of China's three-month weakening campaign and followed evidence that China's economy is rebounding, the Wall Street Journal reported. The central bank had orchestrated a 3 percent depreciation earlier in the year to boost exports.
China posted a $35.9 billion trade surplus in May, with manufacturing data and consumer inflation also back on track.
"The long-term underlying trend of China hasn't changed at all: The country's current account is still a surplus, its growth rate is still much faster than most other countries," Andy Seaman, Stratton Street Capital LLP's fund manager in London, told the Journal. Seaman also said he expects the yuan to appreciate in the long term.
Chinese policymakers sent the yuan lower to curb speculation in the currency, Business Insider reported.
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Written By: International Business Times
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