China’s yuan leaps to seven-month high, but set for second yearly drop – Markets

SHANGHAI: China’s yuan leapt to a seven-month high against the dollar on the last trading day of the year on Friday, underpinned by rising market expectations that the US Federal Reserve could begin monetary easing soon.

However, the Chinese currency still looked set for the second straight yearly drop.

The yuan had a very volatile year in 2023.

A sputtering domestic economic recovery and…