China's yuan hits 3-year highyuan hits 3-year high as banks raise forecasts
China's yuan rose to a three-year high on Thursday as several global banks lifted their forecasts for the currency. The move reflects expectations that Beijing can allow limited appreciation to ease imported inflation and support broader use of the yuan, which matters for currency markets and China's financial standing abroad.
- The yuan is also called the renminbi in official use, though the terms are often used differently in markets.
- China manages its currency more tightly than most major economies, which gives policymakers greater influence over its exchange rate.
