The yuan has been showing great results. The Chinese currency increased sharply hitting a fresh 1.5-year high. It seems the renminbi grew especially for the Communist Party meeting that is held every five years. Even indicators are getting ready for such an event.
It is quite embarrassing to report on lackluster statistics at the large-scale meeting. Only solid data is worth mentioning. However, the yuan indeed can boast of its achievements. The renminbi was increasing during 11 sessions in a row; and recently the People’s Bank of China set the midpoint of 6.4997 yuan per dollar, strengthening it beyond the key psychological level of 6.5 for the first time since May 2016.
At the beginning of the year, Premier of China’s State Council Li Keqiang pointed out that Beijing does not intend to devalue the yuan in order to boost foreign trading. Zhou Xiaochuan, the People's Bank of China Governor, stated that the national currency exchange rate will be held at a relatively stable level in 2017.
