Chinese Yuan Climbs to 3.5-Year High

China's central bank set a strong daily fixing that lifted the currency ahead of an expected meeting between Xi and Trump.

The Chinese yuan rose to a three-and-a-half-year high against the dollar following a particularly strong daily fixing by the People's Bank of China (PBOC), according to reports by Investing.com and TradingView.

According to reports, the Chinese central bank extended its streak of setting a stronger official reference rate, boosting the domestic currency in the markets. KLSE Screener noted that the surge comes ahead of an anticipated meeting between Chinese President Xi Jinping and US President Donald Trump.

Further details regarding the timing of the meeting and its policy implications have not yet been released.