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CHINA YUAN: ###: CNY SEES STRONGEST CLOSE SINCE DEC 2015
Yuan rose 0.41% from Friday to 6.4417 against the U.S. dollar to close at 16:30
- This compares with the close of 6.4680 on Friday.
- WHY: MNI understands through market sources that clients of commercial banks
held onto their dollar assets concerned by the sharp gain of the yuan due to the
- With thin liquidity, this prompted the yuan to rise by as much as 500 pips in
the morning trading session. In the afternoon, when the yuan broke the 6.42
level, some of banks' clients started buy dollars, which dragged down the yuan
by over 200 pips.
- PBOC set the yuan central parity rate at 6.4574, stronger than Friday's
6.4932, highest fixing since May 3, 2016.
- The yuan's close was highest since Dec 10 2015.
* Data from China Foreign Exchange Trade System.