Photo: VCG

The onshore yuan has skyrocketed despite growing geo-political tensions, triggering comments from market watchers that the US should retract its labeling of China as a currency manipulator. 

On Thursday morning, the onshore yuan surged above 6.93 against the greenback at around 10:00 am, its highest level since last October. By 11:16 am, it stood at 6.9287 against the dollar, up by about 0.25 percent. 

By 11:22 am, the offshore yuan rose 0.14 percent against the dollar to 6.9269.

The yuan's central parity rate against the dollar stood at 6.9497 on Thursday, down 47 basis points. 

The yuan's surging trend has led some market watchers to argue that the US needs to retract its labeling of China as a currency manipulator - its accusation that China had deliberately depreciated its currency in order to offset the negative impact of the extra tariffs the US piled on Chinese goods amid the China-US trade war. 

Global Times