Since June, the Chinese currency, known as the yuan or renminbi, has appreciated against a wide basket of currencies. In particular, it has rallied against the USD though this reflects broad based USD weakness rather than aggressive yuan appreciation. USD/CNH exchange rates have fallen from levels of around 7.10 in June to current levels of around 6.85. This performance is at odds with the narrative of deteriorating US-China relations. Indeed, many investors expected relations between the two superpowers to deteriorate ahead of the US presidential election in November. The reasoning was that Trump needed a foreign policy win before the…

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