Investors believed that a Biden presidency could mean less uncertainty in foreign and trade policy towards China and expected that he was unlikely to re-open the trade war, which has weighed on the Chinese yuan over the last two years.
SHANGHAI: The yuan closed domestic trading at a more than 28-month high against a softer dollar on Monday, as investors welcomed Joe Biden’s election as US president and sentiment improved on hopes that a calmer White House could boost world commerce.
Investors believed that a Biden presidency could mean less uncertainty in foreign and trade policy towards China and expected that he was unlikely to re-open the trade war, which has weighed on the Chinese yuan over the last two years.
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