Global Market: China's yuan holds near four-year high as markets await Fed decision

China’s yuan is holding near a four-year high as markets wait for the Federal Reserve’s decision. The currency has strengthened against the dollar both this month and across the year to date.

Yuan extends gains against the dollar

The yuan has gained 0.6% against the dollar this month. Its increase for the year so far stands at 4.9%, placing the currency near its highest level in almost four years.

The figures show continued gains for the Chinese currency during a period when attention is focused on the next decision from the US central bank. The available report does not provide further details on the timing or outcome of that decision.

Markets focus on the Federal Reserve

The yuan’s latest position comes as global markets await the Fed decision. That event is the main point of attention identified in the report alongside the currency’s recent performance.

For now, the key developments are the yuan’s 0.6% monthly advance, its 4.9% gain this year and its position near a four-year high. The next direction of the currency is not provided in the available information.