The Chinese Yuan gained 0.00175 points or 0.02% to 7.16752 against the US Dollar on Friday, adding 0.29% for the week after the onshore rate was set at 12 year lows of 7.1316. Sentiment was skeptical ahead of United States President Donald Trump’s announcement in response to China’s new security legislation for Hong Kong later today. Further weighing sentiment was news that Washington will introduce legislation that may scrap or weaken a law that has protected internet companies, with the attorney general office beginning drafting legislation immediately.
Historically, the Chinese Yuan reached an all time high of 8.73 in January of 1994. Chinese Yuan - data, forecasts, historical chart - was last updated on May of 2020.
The Chinese Yuan is expected to trade at 7.16 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 7.24 in 12 months time.