The Chinese yuan appreciated today after the week-long holiday in China as the Federal Reserve pledged to keep interest rates low, weakening the US currency.
Analysts explain that the appreciation of the Chinese currency is a result of the weaker dollar, rather than an attempt of Chinese policy makers to make the yuan stronger. The Dollar Index was down 1.7 percent last week. Economic data this week may hint at a potential stance of China regarding its currency.
USD/CNY dropped from 6.3380 to 6.3337 as of 9:49 GMT today, while the intraday minimum was 6.3116.
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