CNY hits Four-month High against US Dollar
The Chinese yuan has appreciated against the US dollar since June, and it hit its strongest level on 20 Oct, falling below 6.4 to the greenback.
The onshore yuan logged 6.3956 against the dollar in morning trading on 20th Oct, 0.2 percent stronger than yesterday’s close.
Swollen foreign exchange cash deposits and a strong export are considered as the reasons. And this trend will not change in short term.
Due to the appriciated CNY, the quote for export products in USD will be higher.
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