Chinese Yuan rises to 7-month high
Beijing - Saba:
The Chinese yuan climbed to its highest level in seven months against the US dollar on Thursday, supported by a broad decline in the strength of the American currency.
The yuan surged to levels not seen since December in both the onshore and offshore markets. The onshore yuan rose to 7.1565 per dollar, its highest level since December 8, 2024, according to CNN. Similarly, the offshore yuan strengthened to 7.1527 per dollar, a seven-month peak, before slightly retreating to 7.1613, marking a 0.15% gain during the Asian trading session.
Meanwhile, Chinese stocks extended their gains for a fourth consecutive day, driven by advances in the defense and technology sectors, while Hong Kong shares dipped after hitting a three-month high.
By midday, the Shanghai Composite Index edged up 0.1% to 3,459.66 points, its highest level since December, while the CSI 300 index of blue-chip stocks remained nearly unchanged.
The gains in mainland China's market were led by the CSI Defense Index, which jumped 1.9%, while the AI sector index rose 1.3%, and the information technology sector added 0.6%. In contrast, the financial sector index fell 0.2%, and the securities brokerage index dropped 0.6%, giving up some of its previous gains.
Elsewhere in Asia, trading was subdued, with the broader MSCI Asia-Pacific ex-Japan index slipping 0.2%.
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