Don’t look now, but the Chinese yuan is making a strong comeback against the US dollar, while the previously battered Japanese yen is also showing signs of life.
The U.S. dollar hit 7.116 renminbi USDCNY, as the Chinese currency is officially known, in onshore trading on Tuesday, after trading below its 200-day moving average. The dollar was trading above 7.35 renminbi, its highest level since 2007, as recently as September.
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