The Chinese Yuan was little changed at 6.52341 against the US Dollar on Friday, holding at 3-week highs after the onshore rate was set at 6.5288. Investors digested record growth in China’s gross domestic product in the first quarter, on the back of strong domestic and foreign demand, resilient exports, and continued fiscal and monetary support. On the pandemic front, Hong Kong authorities said on Thursday that the city’s vaccine scheme would be widened to include those aged between 16 to 29 years old for the first time. In other local data, average new home prices in China's 70 major cities rose by 4.6% year-on-year in March, the steepest pace of growth in new home prices since September last year, while retail trade soared by 34.2% over the same period, the eighth straight month of increase in retail trade and the fastest pace since January 1995. Meantime, industrial production increased 14.1% year-on-year in March 2021, easing from a 35.1% jump in January-February combined.
Historically, the Chinese Yuan reached an all time high of 8.73 in January of 1994. Chinese Yuan - data, forecasts, historical chart - was last updated on April of 2021.
The Chinese Yuan is expected to trade at 6.55 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 6.63 in 12 months time.