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China's offshore yuan hits strongest in four years ahead of Trump-Xi meeting
SHANGHAI: China’s offshore yuan on Friday hit the strongest level against the dollar in four years, as traders bet this week’s US rate hike has not derailed the yuan’s appreciation cycle. In the onshore market, the yuan strengthened about 0.15% and is on track for its third straight weekly gain, as traders await next week’s meeting between US President Donald Trump and Chinese leader Xi Jinping, which could ease some trade tensions. Bank of America forecast the yuan to firm another 1.6% by the end of this year. “Export proceeds conversion and an undervalued CNY are the key drivers for this vi...
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