China’s currency is trading at its highest in a decade – Bloomberg

CHINA’S CHINA SHORT-TERM CURRENCY TRACKING UP INFLATION HAS CREATED A NEW MARKET, CREATING MORE TURMOIL FOR AN INVESTOR.

The yuan is trading up 1.5 percent against the dollar on Tuesday, its highest since October and its largest one-day gain since September.

The yuan rose to a record close of 1,008.52 against the greenback on Friday.

It’s the first time the yuan has gained more than 10 percent in three weeks.

The currency has fallen sharply in the past six months, hitting a 10-year low of 886.65 yuan on Nov. 8.

The currency is expected to strengthen further, especially after the Lunar New Year holiday ends, but that remains to be seen, said David Yip, head of Asian fixed income at JPMorgan in Hong Kong.

In addition, Chinese officials are pushing hard to curb inflation, with authorities announcing on Monday they would restrict imports of some foodstuffs, a move that could further boost the yuan.

The People’s Bank of China is also working to curb the impact of its currency policy on financial markets, including the Shanghai Composite Index.

The central bank said on Monday it was seeking to increase the purchasing power of the yuan against the US dollar by boosting the purchasing capacity of foreign-exchange-traded funds, according to Reuters.

The People’s Reserve Bank of Beijing has kept interest rates unchanged since mid-2015.

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