After years in Donald Trump’s crosshairs, China’s currency is greeting Joe Biden on radically different terms.
The renminbi, currently at a 30-month high against the dollar, has been boosted by expectations that a Democratic administration could prove less volatile in its dealings with China as well as by the country’s strong economic recovery from the Covid-19 pandemic.
But investors are divided over whether the wind will remain in the renminbi’s sails in 2021, with much depending on the trajectory of US-China relations and Beijing’s policy priorities.
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