Yuan, Loonie Soar, Dollar Plunges In Friday Fireworks

The offshore yuan surged the most on record. Again. Just days after a swoon for the history books, USDCNH dove more than 2% (figure below) as traders continued to speculate on some manner of grand reopening in the world's second largest economy. Hopes for a relaxation of Xi Jinping's "COVID zero" strategy, along with a smattering of other incrementally bullish headlines, helped drive Hong Kong shares to the best week in over a decade. The yuan's Friday rally came as the Nasdaq Golden Dragon