Onshore Yuan Up 69 Basis Points on Trump Victory
Yicai Global
/SOURCE : Yicai
Onshore Yuan Up 69 Basis Points on Trump Victory

(Yicai Global) Nov. 10 -- The yuan's exchange rate has rebounded after falling for consecutive days as the dollar weakens on Donald Trump's victory in the US presidential election. On Wednesday, the rate of onshore Chinese yuan against the US dollar closed at 6.7731, up 69 basis points from the previous trading day.

At around 9.30 a.m. in early trading yesterday, the offshore yuan rate fell to a new low of 6.8042. However, in the afternoon, with the shifting US election situation, the dollar index plummeted as the yuan quickly strengthened, boosting the onshore yuan-dollar exchange rate by as much as 250 basis points in intraday trading.

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