The renminbi has already rallied hard after a tumultuous US election week, but analysts say it has further to climb with Joe Biden replacing Donald Trump in the White House.
The more lightly regulated offshore renminbi climbed 1.5 per cent last week — its biggest weekly rally in a year and one of the biggest on record — after results trickling out from the November 3 vote suggested Mr Biden would win the contest.
After the Democratic challenger’s victory was declared on Saturday, further gains may lie ahead.
“I think nearly all the volatility has been driven by the US election. It’s quite clear that a Biden White House would follow a much less aggressive stance on trade,” said Mansoor Mohi-uddin, chief economist at Bank of Singapore.
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