Friday saw the Chinese yuan drive toward a ninth consecutive bullish week against the U.S. dollar, Bloomberg reports.
The strong performance of the monetary unit of the world's second-largest economy against the currency of the globe's largest economy during the past two-plus months represents the longest trend since late last year. The central bank of China on Friday reduced the daily fixing rate by 0.11 percent after increasing it by 0.2 percent one day prior.
"The authorities haven't acted yet which shows that there is not an extreme concern that the appreciation of the renminbi will have a strong impact on the economy. We are not at the stage of intervention yet," chief economist Alistair Thornton with consulting firm IHS Global Insight told CNBC on Friday.
Financial and capital-account surplus rose during this year's first quarter in the Asian nation, Bloomberg reports.
That policy makers with the People's Bank of China are deploying increased daily guidance for the yuan against the dollar demonstrates the strong confidence they hold for the prospects of the economy they support, according to CNBC.
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