Investors raised their long bets on the Chinese yuan and most other Asian currencies, a Reuters poll showed, as signs of a recovery in the world's second-largest economy and news of progress in coronavirus vaccine trials whetted risk appetite.
- Investors raised their long bets on the Chinese yuan and most other Asian currencies, a Reuters poll showed, as signs of a recovery in the world’s second-largest economy and news of progress in coronavirus vaccine trials whetted risk appetite.
Encouraging early data from three potential COVID-19 vaccine trials and upbeat economic indicators from China have anchored regional markets of late, said Han Tan, a market analyst at FXTM, but warned that the tolerance of export-reliant Asian countries for further currency strength would be limited.
Goldman Sachs analysts expect the elevated interest rate spread between the yuan and the dollar to support further currency inflows, and Chinese activity growth to outshine the rest of the world in the second half of 2020.
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