Yuan Rises as Negotiations Resume in USA
The Chinese yuan advanced today as China’s central bank set the reference rate higher and as negotiations among US politicians spurred risk appetite on the Forex market.
The People’s Bank of China increased the daily fixing 0.08 percent to 6.2896, the biggest increase since November 12. US President Barack Obama meets with Republicans House Speaker John Boehner and Democrats Senate Majority Leader Harry Reid today. Market participants hope that the US leaders will not allow the economy of the United States to into recession and such hopes bolster the market sentiment.
USD/CNY fell from 6.2405 to 6.2336 as of 11:39 GMT today and its daily low was at 6.2306.
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Earlier News About the Chinese Yuan:
- Yuan Falls as PBoC Lowers Fixing (2012-12-24)
- Yuan Weaker Even as Manufacturing Sector Expands (2012-12-14)
- Yuan Advances as China's Manufacturing Grows (2012-11-22)
- Yuan Weakens After Change of China's Leader (2012-11-15)
- Chinese Yuan Reaches High Not Seen for Almost 19 Years (2012-10-30)