Yuan Gains on Hopes for Economic Stimulus

The Chinese yuan gained today amid speculations that China’s government is going to bolster the nation’s economy. Economic data from the Asian country was also helpful to the currency.
According to rumors, China is going to spend as much as 7 trillion yuans on infrastructure projects. Investors hope that increasing spending will revitalize economic growth that is losing momentum currently. The HSBC China Services PMI rose from 53.0 in November to 53.4 in December.
USD/CNY fell from 6.2205 to 6.2130 as of 18:01 GMT today, touching the daily low of 6.1869 during the trading session.

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