Yuan Hits Three-Year High Amid Fed Rate Hike Surprise
The Chinese yuan has surged past 6.7 per US dollar to reach its highest level in over three years, defying expectations of depreciation following the Federal Reserve's latest interest rate hike.
The onshore currency touched an intraday high of 6.6853 per dollar before paring gains into the close, reaching a new three-year high since June 2022.