Yuan set for longest run of gains since 2015 on fixing, GDP data

(July 18): The onshore yuan rose for the sixth day in a row, the longest run of gains since 2015, boosted by a stronger central bank fixing and data showing China’s economy held up in the second quarter.

The yuan gained 0.05% to 6.7704 per dollar as of 5.14pm in Shanghai, extending its six-day advance to 0.5%. This came after the People’s Bank of China set its daily fixing at the strongest level since November. The offshore rate dropped 0.05% to 6.7696.

The nation’s gross domestic product increased 6.9% in the three months through June, beating a Bloomberg survey’s median forecast of 6.8% growth. June industrial output, fixed-asset investment and retail sales all surpassed estimates as well. China will carry on efforts to make the yuan more market-based, and it will push ahead with globalisation of the currency in a steady manner, President Xi Jinping said at the two-day National Financial Work Conference that ended Saturday.

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