(ReliableNews.org) – The Chinese economy and Democratic presidential hopeful Joe Biden sure have a lot to do with each other, considering he claims not to have any financial dealings with the country.
Case in point, the Chinese yuan plunged about 1.4% on November 3 when Biden appeared to be losing the presidential election to President Donald Trump. According to a prominent global market strategist, that drop constituted the largest one-day loss in the offshore yuan value in nearly two years.
Chinese yuan tanking pic.twitter.com/dtmJRQiIap
— Mike Bird (@Birdyword) November 4, 2020
Experts attributed the drop to the president’s no-nonsense approach to US trade policy with China and his imposition of tariffs on the country. Although Biden isn’t expected to substantially alter that approach, many economists expect him to be less aggressive in his overall approach to the communist-led nation.
Unsurprisingly, as the night wore on and election returns appeared more favorable to Biden, the numbers reversed, eventually rising to their previous level the day before.
It remains to be seen whether Biden had any involvement with his son Hunter’s business dealings in China. However, it appears Chinese markets are bullish on the idea of a Biden presidency.
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