Connect with us
CGIF-10th-Year-Anniversary

Markets

Yuan closes at record high as central bank tolerates rise

SHANGHAI: The yuan closed at a record high against the dollar on Thursday as the People’s Bank of China (PBOC) set its yuan midpoint stronger than expected, signaling tolerance for appreciation, traders said.
 
There was little sign of central bank intervention via state-owned banks to boost the yuan, but the PBOC’s tolerance of a stronger yuan did encourage companies to keep selling dollars as they have done throughout this week, traders said.
 
Spot yuan closed at 6.2770 versus the dollar, up from Wednesday’s close of 6.2833. It hit an even higher intraday high of 6.2761 in late trade, the strongest since China set up the domestic foreign exchange market in 1994.
 
Firms sold dollars which had flooded into China’s onshore market after it resumed trading on Monday following a week-long holiday.
 
“Company were eager to trade dollars for yuan,” said a dealer at a major Chinese commercial bank in Shanghai.
 
“The PBOC’s non-action encouraged corporates to settle the yuan at high levels.”
 
The central bank set the yuan’s midpoint at 6.3391 versus the dollar, slightly stronger than Wednesday’s 6.3449.
 
Typically, the PBOC will set a weaker midpoint in response to a rise in the dollar index.
 
“The PBOC’s yuan midpoint today is unexpectedly strong given the recent strength…

Avatar

Published

on

dollar yuan foreign currencies

SHANGHAI: The yuan closed at a record high against the dollar on Thursday as the People’s Bank of China (PBOC) set its yuan midpoint stronger than expected, signaling tolerance for appreciation, traders said.

There was little sign of central bank intervention via state-owned banks to boost the yuan, but the PBOC’s tolerance of a stronger yuan did encourage companies to keep selling dollars as they have done throughout this week, traders said.

Spot yuan closed at 6.2770 versus the dollar, up from Wednesday’s close of 6.2833. It hit an even higher intraday high of 6.2761 in late trade, the strongest since China set up the domestic foreign exchange market in 1994.

Firms sold dollars which had flooded into China’s onshore market after it resumed trading on Monday following a week-long holiday.

“Company were eager to trade dollars for yuan,” said a dealer at a major Chinese commercial bank in Shanghai.

“The PBOC’s non-action encouraged corporates to settle the yuan at high levels.”

The central bank set the yuan’s midpoint at 6.3391 versus the dollar, slightly stronger than Wednesday’s 6.3449.

Typically, the PBOC will set a weaker midpoint in response to a rise in the dollar index.

“The PBOC’s yuan midpoint today is unexpectedly strong given the recent strength…

Here is the original article:
Yuan closes at record high as central bank tolerates rise

Comments

Forex

How to Trade the EUR/USD Currency Pair: Professional Tips

The behaviour of the EUR/USD pair is a kind of indicator showing the comparative condition of the US and EU economies. If the US economy steadily grows, and problems arise in the EU, the EUR/USD decreases.

Pr News

Published

on

By

EUR/USD is one of the most popular currency pairs for Forex trading. Since the beginning of trading in 1999, the currency pair has undergone significant changes. For the first two years, the future for the euro was uncertain and the quotation was declining, reaching a minimum of 0.8200.

(more…)
Continue Reading

Markets

Thailand remains ASEAN’s largest Exporter of Vegetables

Currently, the kingdom has FTA agreements with 17 countries, 13 of which no longer levy import duties on Thai vegetables, including China, Hong Kong, Australia, New Zealand, Japan, Chile, Peru and 6 countries in ASEAN.

National News Bureau of Thailand

Published

on

Thailand has FTA agreements with 17 countries, 13 of which no longer levy import duties on Thai vegetables.

LAMPANG (NNT) – Despite economic stagnation and border closures, due to COVID-19, Thailand remains ASEAN’s largest exporter of fresh refrigerated vegetables, while being 14th in the world.

(more…)
Continue Reading

commodities

Gold rush hits Thailand as prices surge

The value of gold has rocketed by Bt7,000 per baht weight since the beginning of this year, generating returns of over 20 per cent.

Avatar

Published

on

Photo : Adam Jones

People flocked to sell their gold at China town. The Gold Traders Association announced the buying and selling prices of gold has increased by 50 baht to a historic high.

(more…)
Continue Reading
Advertisement

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,520 other subscribers

Trending