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Yuan strengthens as China’s dollar buying slows down

China’s yuan strengthened through noon trade on Thursday from an eight-week low touched a day earlier, as the suspected aggressive dollar by the central bank died down, leaving corporates scrambling for other sources of yuan.

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China’s yuan strengthened through noon trade on Thursday from an eight-week low touched a day earlier, as the suspected aggressive dollar by the central bank died down, leaving corporates scrambling for other sources of yuan.

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Spot yuan changed hands at 6.2400 versus the dollar near midday, a gain of 0.1 percent over Wednesday’s close of 6.2518. The yuan had touched an eight-week intraday low of 6.2588 on Wednesday afternoon.

The People’s Bank of China (PBOC) signalled its desire for stability by setting its daily midpoint nearly flat at 6.2887 compared to Wednesday’s fix of 6.2883. The PBOC allows the yuan to rise or fall by no more than 1 percent from the midpoint it sets each morning.

via Yuan strengthens as China central bank’s dollar buying dies down.

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