Yuan jumps to 2-year high, Bundesbank adds renminbi to its reserves

Shanghai

CHINA'S yuan leapt to its highest in more than two years against the US dollar on Monday, after a Bundesbank board member said the German central bank had decided to include the Chinese currency in its reserves and corporates offloaded their dollar holdings.

Both onshore and offshore yuan hit their strongest levels since December 2015 in early trade, with traders attributing the gains in the Chinese currency to dollar selling in domestic markets as the euro soared.