(Yicai Global) July 6 -- China's currency made further gains versus the US dollar, with the onshore yuan strengthening over 300 basis points this afternoon to the highest since April, amid a mainland stock market rally.

The onshore yuan was at 7.0340 against the greenback this afternoon while the offshore yuan appreciated over 400 bips to stand at 7.0248 against the dollar.

Chinese mainland stock markets are poised to top CNY1 trillion (USD142 billion) in daily turnover today for a third day in a row as yuan assets become increasingly attractive to investors amid signs of a swift economic recovery from the coronavirus.

Editor: Kim Taylor