Both the onshore and offshore Chinese yuan saw a dramatic strengthening this week from levels above 6.8 against the greenback. That came as data from China's National Bureau of Statistics showed the country's first positive retail sales report for 2020 in August.
A Chinese clerk counts renminbi yuan banknotes at a bank in China on December 2015.to strengthen to 6.5 per dollar over the next 12 months, according to Timothy Moe, co-head of Asia macro research and chief Asia-Pacific equity strategist at Goldman Sachs.
In comparison, the onshore Chinese yuan changed hands at 6.7767 per dollar in the afternoon of Asian trading hours on Thursday. Its offshore counterpart traded at 6.7764 per dollar. Both the onshore and offshore Chinese yuan saw a dramatic strengthening this week from levels above 6.8 against the greenback. That came as data from China's National Bureau of Statistics showed theMoe said the strength of the Chinese currency would serve a "tailwind" for stocks in the country.
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