China’s yuan leaps to 7-month high, led by stronger yen, unwinding of carry trade

August 5, 2024

The Chinese yuan reached its highest point against the U.S. dollar in seven months due to a stronger Japanese yen and investors reversing carry trades. The weak U.S. labor data and potential Federal Reserve rate cuts contributed to the yuan’s rise. Future movements hinge on Chinese exporters’ decisions and domestic economic factors.

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