Chinese yuan's exchange rate against the US dollar surged, nearing the 7.0 threshold, while Binance's OTC platform reached a maximum of 6.98.
Chinese Yuan Strengthens as Fed Hints at Rate Cuts
According to Mars Finance, on September 21st, the Chinese Yuan exhibited strong upward momentum following the US Federal Reserve's signaling of potential interest rate cuts. As of 4:59 AM on September 21st, the Offshore Yuan traded at 7.0421 against the US Dollar, marking a 295 point gain from the previous trading day. The Onshore Yuan closed at 7.0552 against the US Dollar on September 20th at 4:30 PM, registering a 108 point increase.
At the time of this writing, the Binance platform's over-the-counter USDT exchange rate against CNY peaked at 6.98 Yuan. For small sell orders (under 1,000 CNY), the exchange rate was quoted at 6.92 Yuan.
