China’s currency jumped by the most in four and a half years as trading resumed after a long holiday, boosted by the country’s accelerating economic recovery and rising odds of a Joe Biden presidency in the US.
The onshore exchange rate for the renminbi, which has not traded since September 30 due to the lengthy National Day holiday, rose by as much as 1.2 per cent in morning trading on Friday to Rmb6.7091 per dollar. That is the currency’s biggest intraday rise since February 2016.
The offshore renminbi, which traded throughout the recent holiday and whose value is more loosely regulated, climbed 0.6 per cent to Rmb6.6997 against the greenback.
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