China’s currency has appreciated to its strongest level against the dollar since Donald Trump won the US presidential election in November last year, as Beijing signals to the market that it is willing to allow a gradual strengthening in the renminbi.
The Chinese currency, which had weakened sharply against the greenback in recent years, has rallied 2.3 per cent this year to Rmb7.14 to the dollar.
Strategists said the appreciation was potentially significant for Beijing’s negotiations with Washington over a trade agreement. The Trump administration labelled China a “currency manipulator” during the president’s first term.
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