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Home Uncategorized Chinese yuan beats Asian peers with biggest weekly gains

Chinese yuan beats Asian peers with biggest weekly gains

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FILE PHOTO: Alibaba founder Jack Ma © Reuters / Edgar Su
Chinese billionaires boost their fortunes at record pace despite coronavirus crisis

“A growing current account surplus, due to stronger exports and a smaller service-balance deficit, tends to favor a stronger currency in the quarters ahead,” he told CNBC earlier this week, adding that strong economic data and the yuan “yield carry” can facilitate further growth. The yield carry refers to a strategy whereby investors make a profit on the difference between interest paid and interest earned.

The Chinese yuan may become the world’s third-largest reserve currency within 10 years, analysts at Morgan Stanley have predicted.

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

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