Onshore yuan rose 153 pips to 6.6144 per one US dollar. Yuan's central parity rate fell 49 pips to 6.6285 per one US dollar, a one-week low. "Biden's win reduces the CNY's event risk premia, which should allow the currency's value to better reflect its fundamentals," Becky Liu, head of China macro strategy at Standard Chartered (2888), said in a note. "We now expect the CNY to strengthen into the first half of 2021, before potentially giving back some gains in the second half of 2021 as China's relative economic strength narrows." Liu revised her forecast for the yuan up to 6.55 at end-2020, 6.30 at end of the first half in 2021, and 6.45 at end-2021.

Source: The Standard November 13, 2020 09:23 UTC