Chinese yuan hits 16-month high against US dollar
The People’s Bank of China (PBOC) set the value of the yuan at 6.5032 to the dollar on Friday, up 0.36% from a day earlier, according to data from the Foreign Exchange Trade System. It was the highest rate since May 2016.
However, some analysts noted that the PBOC may intervene to slow the rise as it threatens to hurt China’s exports, according to Bloomberg.
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