The monetary unit of China neared its record high against the world's reserve currency on Thursday and is heading toward its top weekly performance against its rival since this past May, The Wall Street Journal reports.
The monetary unit of the world's second-largest economy has advanced about 0.42 percent this week against the currency of the globe's largest economy. The yuan climbed as a result of U.S. political leaders stating they agree on a debt ceiling increase in advance of the Thursday night deadline. Also propelling the renminbi higher on Thursday was confidence about China's capacities to tolerate a strong currency.
The yuan was within a 0.01 percent range of its top value against the greenback.
The yuan has climbed about 2.2 percent against the U.S. dollar thus far this year. Its performance has been stronger than that of the South Korean won, which trails the yuan for Asian nations against the dollar. The currency of South Korea has climbed roughly 0.5 percent against the dollar thus far this year.
Seven of eight buyers and exporters surveyed by The South China Morning Post at a popular trade show said they are confident the yuan will continue pushing higher against its cross-Pacific rival.
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