China’s currency has risen to its strongest level since March as rising signs of an economic recovery and a booming stock market fuel optimism among investors.
The renminbi, which has strengthened steadily since late May, on Thursday broke through the important seven to the dollar level for the first time in four months, when the coronavirus crippled economic activity.
The development caps a significant turnround for the renminbi, which occupied centre stage in markets last year when US President Donald Trump labelled Beijing a currency manipulator.
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