China’s Yuan Climbs, Stocks Gain in Upbeat Return for Traders
- Central bank sets yuan fix at a stronger-than-expected level
- Markets reopen after national Golden Week holiday in China
The Shanghai Stock Exchange.
Photographer: Yifan Ding/Getty Images
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China’s yuan strengthened and stocks rose on mainland exchanges in a positive start to the month for traders returning to work after an eight-day holiday.
The currency advanced 1.2% as of 3:08 p.m. Friday in Shanghai, tracking recent moves in the offshore rate, which strengthened through 6.7 to the dollar for the first time since April 2019. The People’s Bank of China set its yuan fixing at 6.7796 per dollar on Friday -- or slightly stronger than expected -- suggesting it will continue to allow for currency gains after the yuan had its best quarter since 2008 versus the greenback.