The Chinese yuan has amped up against the US dollar in an unprecedented change of events. The Chinese yuan has reportedly strengthened against the US dollar, denoting its strongest midpoint range in July.
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Why Is The Chinese Yuan Up?
Source: iStock
The Chinese Yuan is yet again making waves in the currency sector. The People’s Bank of China has released fresh statistics by keeping the Yuan midpoint rate at 71.285 per dollar. The stats released around 03:05 GMT showed the Yuan in a significantly stronger position in comparison with the US dollar.
Midpoints are generally called points between the buy and sell prices of any two currencies.
At the same time, the slight decline documented in the USD further gave the Yuan a slight push to spike at a higher rate. However, the Yuan is still 2.2% weaker than the US dollar and…
