China’s currency rose to its strongest level since March as a booming stock market and accelerating economic recovery galvanized investors, reported the Financial Times.
The renminbi, which has strengthened steadily since late May, on Thursday broke through the seven to the dollar level for the first time in four months, when efforts to contain the coronavirus outbreak squeezed economic activity.
Its ascent comes alongside a dramatic rally in Chinese equities that has at times been cheered on by the country’s state-run media. The CSI 300, which tracks the country’s biggest stocks listed in Shanghai and Shenzhen, has risen 10% this week.
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