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Chinese yuan hits 28-month high on Biden victory outlook – Dateway

The Chinese yuan has hit a 28-month high ahead of a Joe Biden victory, heightening fears among Trump supporters that a Biden administration will be compromised by the Communist state.

The yuan saw wild swings on election night, with the dollar initially falling on expectations of a Biden victory, but then rebounded as it looked like Trump would be re-elected.

However, by the end of the night, after thousands of postal ballots in several swing states suddenly fell for Biden, the yuan had started to gain ground.

Within 48 hours, with a victory for Biden looking increasingly likely, the Chinese currency hit a 28-month high and analysts are now seeing it rise even more.

According to DBS strategist Chang Wei Liang, a Biden presidency will ensure “less antagonistic trade relations between the United States and China and a rallying of Chinese assets.”

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However, Trump supporters see a greater existential threat to America’s number one superpower status, claiming Biden is so deep in bed with Beijing that he could put American interests at risk.

Late last month, Hunter Biden’s former business partner Tony Bobulinski claimed Biden’s son had received $ 5 million from Chinese partners for a China-backed infrastructure project and that the former vice president agreed.

This led Republican Congressman Dan Crenshaw to warn, “It is possible that Joe Biden is in fact compromised by the Chinese Communist Party.”

“The American people deserve to know this,” he added. “We are about to hold elections and potentially elect a president compromised by the Chinese Communist Party because this energy company has direct ties to the Communist Party.

Whatever the truth of Biden’s involvement in his son’s questionable dealings, it seems clear that someone who celebrates a Biden presidency will be Chinese dictator Xi Jinping.

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