China’s currency is set to record its best six months against the dollar on record as the country’s containment of coronavirus and economic recovery provide a competitive advantage investors expect will last well into 2021.
The rise of the renminbi, which was under pressure earlier this year, underscores a reversal of fortunes as China shifted from being the centre of the pandemic to having it largely under control as cases surge in the US and Europe.
Investors and analysts said China’s handling of the health crisis and subsequent economic recovery had laid the groundwork for a rally in renminbi-denominated bonds and stocks which has accelerated in the wake of the US presidential election.
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