With almost every day on Forex being bullish for the Chinese yuan, today it continued its appreciation against other major currencies and particularly against the U.S. dollar, which is now in a bearish trend after the latest Fed‘s rate cut.
While U.S. government is trying to save its economy (and other world economies with it), China is more worried with the consumer inflation and the economy overheating.
Up from the yesterday’s close, Chinese yuan managed to gain about 0.3% today â from 0.7228 to 0.72083 a bit earlier during the Asian session, but retraced back a little after the session ended.
Now, after the China’s monetary authorities are actively acting to revalue the Yuan against the U.S. dollar, there is a good probability for USD/CNY to lead among the best gaining currency pairs on Forex.
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