Yuan Strengthens Ahead of National Day Holiday

The Chinese yuan has strengthened against the US dollar as exporters convert their holdings into local currency ahead of the National Day holiday. The spot yuan opened at 6.7094 per dollar and was last trading at 6.7057, a 61-pip increase from the previous close.

This move is expected to continue throughout the year, with the yuan predicted to trade between 6.5 and 6.9 per dollar. The National Day holiday will start on Thursday and resume onshore trading on October 8.