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Yuan holds firm near 2023 highs despite dollar strength
HONG KONG: China’s yuan held near its strongest level in three years and nine months on Tuesday, shrugging off a strong dollar as central bank guidance kept the currency steady. The yuan was largely steady at 6.6972 per dollar, hovering near the strongest level since January 16, 2023. The offshore yuan traded at 6.698 yuan per dollar, down about 0.05% in Asian trade. The dollar index stood near an 18-month peak as renewed attacks on energy infrastructure in the Middle East and Ukraine revived energy supply concerns, while elevated US Treasury yields also lent support. “Dollar strength is m...
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