June 28, 2019 / 7:22 AM / 4 months ago

China's yuan extends rally to strongest level in a week

SHANGHAI, June 28 (Reuters) - China’s yuan extended its rally against the dollar on Friday to its firmest in a week following comments from Chinese President Xi Jinping on opening up the economy.

The onshore spot yuan rose to a high of 6.8593 at one point in afternoon trade, its strongest since June 21. It was trading at 6.8650 per dollar as of 0701 GMT.

A trader at a Chinese bank said market sentiment improved after Xi reiterated Beijing’s vows to remove restrictions on foreign investment outside the country’s so-called negative list, which sets out industries where foreign investment is limited or prohibited.

Low liquidity was another factor amplifying the price move, according to a second trader at a Chinese bank, as many investors had already closed out their positions ahead of the summit between the Chinese and U.S. presidents at the G20 summit in Osaka on Saturday.

Reporting by Winni Zhou and Andrew Galbraith Editing by Jacqueline Wong

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