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      Market News >> Chinese yuan rises to highest level since US election

       The Chinese yuan has jumped to its highest level against the US dollar since the aftermath of the US presidential election. The yuan jumped as much as 0.5% against the greenback on Thursday, bringing its gains in the past four trading sessions to 1.2%.

      A stronger yuan is likely to please Trump, who frequently accused China during his campaign of devaluing its currency to get an unfair advantage in trade. But currency traders say the yuan's recent surge is most likely about Beijing proving a point to some of its other critics.

      In particular, Chinese officials were infuriated by a downgrade last week from credit rating agency Moody's, which warned about China's rising debt levels and slowing growth.

      In the weeks after Trump's election, the dollar soared against other major currencies, including the yuan. But amid a broad weakening in the dollar in recent months, the Chinese currency has stayed largely stable against the greenback -- until last week.

      source: money.cnn.com

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