Chinese Yuan Gains as Dollar Weakens
The Chinese yuan appreciated today after the week-long holiday in China as the Federal Reserve pledged to keep interest rates low, weakening the US currency.
Analysts explain that the appreciation of the Chinese currency is a result of the weaker dollar, rather than an attempt of Chinese policy makers to make the yuan stronger. The Dollar Index was down 1.7 percent last week. Economic data this week may hint at a potential stance of China regarding its currency.
USD/CNY dropped from 6.3380 to 6.3337 as of 9:49 GMT today, while the intraday minimum was 6.3116.
If you have any questions, comments or opinions regarding the Chinese Yuan, feel free to post them using the commentary form below.
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Earlier News About the Chinese Yuan:
- Yuan Drops as Central Bank Sets Reference Rate Lower (2012-01-05)
- Record Drop of Yuan Since July 2010 (2011-11-25)
- Yuan To Move Toward Flexibility on Currency Market (2011-11-21)
- Yuan Gets Stronger as China Expected to Allow Gains (2011-08-23)
- Yuan Goes Down as Europe Saps Demand for Asian Assets (2011-08-17)
2 Comments
Can anyone guide me what would the forecast for RMB/USD be for whole 2012? Thanks in advanced.
Slow appreciation of CNY. If nothing big happens.