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Free AccessThe Yuan Friday saw its strongest........>
CHINA YUAN: The Yuan Friday saw its strongest close since December, 2015.
- Yuan rose 0.3% from Thursday, closing at 6.4040 against the U.S. dollar.
- USD-CNY weakened as low as 6.3888 for the day, the lowest in over two years.
- PBOC set yuan central parity rate vs U.S. dollar at 6.4169 on Friday, stronger
than Thursday's 6.4401. The PBOC has set the fixing stronger for four trading
days out of five this week, which led to total 1.18% gain in the fixing. Today's
fixing marks the highest since Dec 9, 2015.
***MNI has learned from market sources that the market participants are cautious
on trading following the rapid rise of the yuan. As a result, the thin liquidity
has helped further boosted the yuan. In short term, the USD-CNY is likely to be
weak as long as the dollar index continues to fall.
*Data from China Foreign Exchange Trade System
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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.