The Chinese Yuan added 0.00802 points or 0.12% to fresh 6-week highs of 6.48021 against the US Dollar on Thursday after the onshore rate was set at 6.4902. An easing Greenback and stabilizing long term bond yields boosted the risk sensitive Yuan as local 10-year rates neared 10-week lows of 3.155% while US 10-year rates held around 5-week lows of 1.545%. On the policy front, the PBoC left its key interest rates steady for the 12th straight month at its April fixing earlier this week, in line with consensus. Meantime, a bipartisan US congressional push to counteract China picked up steam on Wednesday as a Senate committee backed a bill pressing Beijing on human rights and economic competition, according to Reuters.
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 April of 2021.
The Chinese Yuan is expected to trade at 6.51 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 6.59 in 12 months time.