Chinese Yuan Rallies to 28 Month High on Prospect of Biden Win


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The Chinese yuan has rallied to a 28-month high on the prospect of a Joe Biden win, exacerbating the concerns of Trump supporters that a Biden administration will be compromised by the Communist state.

The yuan saw wild swings on election night, with the dollar initially falling on expectations of a Biden win but then surging back as it looked like Trump would win re-election.

However, by the end of the night, after thousands of mail-in ballots in several swing states suddenly dropped for Biden, the yuan had begun to recover ground.

In the 48 hours that followed, with a Biden win looking increasingly likely, the Chinese currency rallied to a 28 month high and analysts now see it rising even further.

DBS strategist Chang Wei Liang sees a Biden presidency as securing “less antagonistic U.S.-China trade relations and a rally in Chinese assets.”

However, Trump supporters see a greater existential threat to America’s number one superpower status, asserting that Biden is in bed so deep with Beijing that he could put U.S. interests at risk.

Late last month, Hunter Biden’s former business partner Tony Bobulinski claimed that Biden’s son had received $5 million from Chinese partners for a Chinese-backed infrastructure project and that the former Vice President was in on the deal.

This led Republican Congressman Dan Crenshaw to warn that, “There’s a possibility that Joe Biden is actually compromised by the Chinese Communist Party.”

“The American people deserve to know this,” he added. “We’re about to have an election and potentially elect a president that’s compromised by the Chinese Communist Party because this energy company has direct ties to the Communist Party.”

Whatever the truth of Biden’s involvement with his son’s dodgy dealings, it seems clear that one person who will be celebrating a Biden presidency will be Chinese dictator Xi Jinping.

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Original source: https://summit.news/2020/11/06/chinese-yuan-rallies-to-28-month-high-on-prospect-of-biden-win/


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