China’s offshore yuan breaks major benchmark as appreciation momentum builds

China’s offshore yuan strengthened further on Thursday, dipping below the benchmark rate of seven against the US dollar – another sign of the currency’s continued appreciation after a brief breach of the same threshold on Wednesday evening. The recent fluctuations mark the currency’s first appreciation past the major psychological marker in 15 months, suggesting a change in market sentiment and providing more support for the global investors and economists who have argued the currency has been...