Friday, December 1, 2023

China’s yuan set for best week in 2 months

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SHANGHAI: The yuan was steady on Friday and set for its biggest weekly gain in two months against a broadly softer dollar after a meeting between the Chinese and US presidents slightly eased concerns over geostrategic risks attached to Chinese assets.

The spot yuan was changing hands around 7.2440 per dollar in onshore markets at midday, little changed from the previous late session close, but showing a 0.5% gain for the week so far.

“Investor concerns over Chinese growth loom large, but political events this week could now bolster sentiment more significantly,” DBS said in a note.

US President Joe Biden said a stable relationship between the US and China was good for the world, after holding a high-stakes summit with his Chinese counterpart Xi Jinping on Wednesday.

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