Chinese Yuan reaches record level

The Chinese currency, the Yuan, has reached a record level against the dollar following the signing of a two-week ceasefire with Iran by US President Donald Trump. 

In the interbank market, the Chinese Yuan reached 6.8287 per dollar on Wednesday morning, while it hit 6.8270 in the offshore market; both values represent the highest levels recorded since March 2023.

Analysts stated that the ceasefire agreement has eased concerns regarding energy shortages for Asian countries and that currencies across Asia have gained value.

In a note published on Wednesday, the Japanese financial institution MUFG stated that it would be logical to maintain their preferences for currencies such as the Chinese Yuan and the Malaysian Ringgit. The Yuan has gained 1.0 percent against the dollar this month and has recorded an increase of 2.4 percent throughout the year.