The Chinese yuan posted a modest gain against the US dollar to end the trading week, but it was not enough to give the currency its worst weekly performance since September. The yuan, which analysts say is now being traded based on President-Elect Joe Biden, has been trending slightly lower on fears the the resurgence in coronavirus cases will disrupt the global economy.

Foreign exchange markets are signaling that traders tracking the greenback’s movements, waiting for more details about Pfizer’s coronavirus vaccine and Biden’s policy agenda toward China. Although the pace of the economic recovery between Beijing and the rest of the world might add pressure to the yuan, market analysts say that investors are bullish on the yuan.

Citing declining US political risks, the recovery in the world’s second-largest economy, and greater inflows into the yuan, observers believe the yuan could extend its winning streak into the first half of 2021.

Becky Liu, head of China macro strategy at Standard Chartered, said in a research note:

Biden’s win reduces the CNY’s event risk premia, which should allow the currency’s value to better reflect its fundamentals. We now expect the CNY to strengthen into H1-2021, before potentially giving back some gains in H2-2021 as China’s relative economic strength narrows.

The yuan is projected to finish 2020 at 6.55. In 2021, analysts project the yuan will end the first half of 2021 ad 6.30 and 6.45 in the second half.

On the data front, new motor vehicle sales surged 12.5% year-over-year in October, down from the 12.8% gain in September. The M2 money supply rose at an annualized rate of 10.5%, falling short of the market forecast of 10.9%. New yuan loans, outstanding loan growth, and total social financing expanded last month.

The USD/CNY currency pair fell 0.1% to 6.6064, from an opening of 6.6130, at 19:30 GMT on Friday. The EUR/CNY climbed 0.15% to 7.8183, from an opening of 7.8070.