Yesterday was an encouraging one for China as the yuan strengthened, by the most since March. It climbed 0.35 % against the dollar due to several banks selling the US dollar in exchange for the Chinese yuan. These actions come just before the International Monetary Fund (IMF)’s decision on whether or not to stock the yuan in its reserves. Their chances are ranked at about 70% according to China’s International Capital Corp, buoyed by the fact that it has overtaken the Japanese yen as the fourth most used currency for global payments in August.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies