China’s currency hit its strongest level against the dollar in three years, posing a challenge for Beijing as it seeks to balance demand for the country’s exports with surging commodity prices.
The onshore-traded renminbi gained 0.2 per cent to reach Rmb6.4052 per greenback on Tuesday, its highest point since June 2018. Meanwhile, the country’s CSI 300 of Shanghai- and Shenzhen-listed shares enjoyed its best day since July, rising 3.2 per cent.
The renminbi has gained more than 10 per cent over the past year, buoyed by China’s economic rebound from the Covid-19 pandemic and foreign capital flows into the country.
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