Caixin
Nov 24, 2021 02:29 AM
ECONOMY

Yuan Gauge Nears Record High Even as China Moves to Slow Rally

The onshore yuan is Asia’s best-performing currency this year with gains of more than 2%.
The onshore yuan is Asia’s best-performing currency this year with gains of more than 2%.

(Bloomberg) — The yuan is approaching its strongest level against trade partners’ currencies even as China’s central bank tries to slow its ascent with weaker-than-expected daily fixings.

The Bloomberg replica of the CFETS RMB basket index rose 0.2% to 102.6044, nearing the record touched in August 2015. The index, which measures the yuan against 24 trading partners, is set for a third straight day of gains.

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