The Chinese yuan recorded a rise in his highest level since 2018 amid indicators that the country's economy is advancing on others.
According to Arab Net, the currency rose up to 0.3% to 6.4114 for the dollar, the strongest since June 2018, having exceeded its highest level for its history at 6.4245 in January.
The move came after the dollar due to the weakest US positions expected on Friday, according to Bloomberg, and Arabic.
The rise of the yuan comes until the central bank tried to reduce its gains by setting up daily reform at a weaker-than-expected level. Exports of the country.
The Managing Director of Treasury and Markets in DBS, Tommy Aung said: The yuan will continue to rise, urgently for the weakness of the dollar, the Chinese currency is also supported through capital flows and large trade surplus. The reform is likely to be used to slow gains but will not interfere directly.
The yuan highly reflects the Chinese economy gains, as exports and retail sales are conflicting with an equivalent recovery seen in the United States and the eurozone. GDP rose 18.3% in the first quarter of the previous year, supported by a jump in consumer spending.
Apart from the dollar, the yuan also rose against a basket of currencies of its trading partners. Where the CFETS RMB is approach, which is tracking the price of yuan for 24 of its peers, from the highest level since 2018.
Traders said Chinese banks, including shareholders and government creditors, had strengthened their purchases from the dollar after the yuan higher afternoon. Transactions helped stabilize exchange rate, according to traders, who asked not mention their names because they are not authorized to comment on the market publicly.
