China sets yuan at strongest level in 3 years as US dollar jitters simmer

China sets yuan at strongest level in 3 years as US dollar jitters simmer

Beijing is pushing for a stronger yuan to help globalise the currency, but the upswing could create issues for the country’s export giants.

Yuan Strengthens to Strongest Level in Over Three Years as Beijing Accelerates Currency Internationalization

China’s central bank has fixed the yuan at its strongest rate against the US dollar in more than three years, underscoring Beijing’s determination to internationalize its currency and reduce reliance on the dollar amid growing global skepticism toward US assets. According to SCMP, the People’s Bank of China (PBOC) set the yuan’s daily midpoint fixing […] The post Yuan Strengthens to Strongest Level in Over Three Years as Beijing Accelerates Curr…