China’s yuan set for biggest weekly gain since 2005

China’s yuan set for biggest weekly gain since 2005

China’s yuan set for biggest weekly gain since 2005

Written by Reuters

20 May, 2022 | 2:38 pm

Reuters; China’s onshore spot yuan reversed earlier losses to finish the domestic session at 6.674 per dollar on Friday, the strongest such close since May 5.

If the yuan sustains such gains at the late-night close, it would have gained 1.74 per cent against the dollar for the week, booking the best weekly performance since 2005, when China revalued the currency and abandoned a decade-old peg against the greenback.

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