China's currency plays catch-up as weeklong holiday wins, in a move that reflects a strengthening economy and growing expectations Democratic challenger Joe Biden will defeat President Donald Trump in the Nov. 3 presidential election.
The yuan is making strong gains against the dollar this year, due to China's perceived economic resilience during the COVID-19 pandemic and increased inflows into the nation's capital markets.
There are over 13.7 million Covid-19 cases globally as of July 17, according to Johns Hopkins University data. The U.S. recorded at least 75,000 cases over a 24-hour period on Thursday, Brazil surpassed the 2 million mark, while India topped 1 million cases.
European stock markets are seen opening lower Thursday, amid caution over the pace of the global economic recovery ahead of the latest meeting from the European Central Bank. At 2:05 AM ET (0605 GMT), the DAX futures contract in Germany traded 0.5% lower, the FTSE 100 futures contract in the U.K. fell 0.4%, while CAC 40 futures in France dropped 0.4%. China reported 3.2% growth in its second quarter GDP year-on-year earlier Thursday, as the world’s second-largest economy returned to growth after the first quarter’s contraction of 6.8%.