The Chinese yuan reversed earlier declines and jumped toward its highs of the day following a report by Dow Jones that Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in the currency, Bloomberg reported on Tuesday.
The offshore yuan climbed as much as 0.1% to 6.3867 per dollar, close to the session peak it reached during Asian trading. The currency had weakened as much as 0.3% in US trading before the report on Saudi Arabia. While the US dollar is the preeminent currency of exchange in global trade and oil markets in particular, other currencies such as the renminbi -- as China’s currency is also known have been making headway in cross-border transactions.
KI/PR
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