The Chinese yuan is rising at a rate of 6.5 per dollar as the United States deals with a hike of the debt ceiling and receding prospects of Fed rate hikes. With President Trump and Democrat congressional leaders making a deal, confidence and optimism led to the development.
"With the annual U.S. debt ceiling jamboree ending in a temporary three months Trump-Democrat agreement and all waiting to see where (North Korean leader) Kim, shoots his next missile, markets are taking a breather," Simon Quijano-Evans, strategist at Legal & General Investment Management wrote.
The yuan, however, persevered and rallied through the 6.5 per dollar for the first time since May 2016. The yuan has strengthened nearly 7 percent since January.
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