As Biden’s victory seemed to grow increasingly likely last week, the offshore yuan rallied to below the 6.60 mark. “The Trump administration has taught China a lesson in economic security,” he said in a report late last week. Yeung noted that the share of global trade that’s being settled in the yuan has gradually increased since Trump took office. Around the beginning of 2017, more than 16 percent of global trade was denominated in yuan and by the middle of this year, that figure jumped to nearly 22 percent, according to Yeung. The strength of the yuan will also depend on the performance of the dollar, which has weakened in the past few months.

Source: The Standard November 13, 2020 04:18 UTC