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Surging yuan is one of the world’s best performing currencies this year

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Move over dollar: Chinese yuan ends quarter with biggest gains in 12 years

According to Paul Mackel, head of emerging markets foreign exchange research at HSBC, the yuan is expected to rise slightly to 6.70 per dollar by the end of the year before appreciating further to 6.60 by the end of 2021. He also projects an acceleration in bond purchases by global investors.

Increased investor demand for the yuan to allow for the purchases of more Chinese stocks and bonds would also increase the currency’s value, analysts say.

“The yuan’s appeal is resonating with people who missed the initial bandwagon move and are playing ‘catch up’,” Stephen Innes, chief global markets strategist at investment firm AXI, told the South China Morning Post. “Regulators are also very much open to a stronger yuan because [China] wants to promote both its bond and equity markets.”

For more stories on economy & finance visit RT’s business section


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