Yuan Retreats from Record, Will Its Rally Resume?
The Chinese yuan retreated from yesterday’s record level as the People’s Bank of China lowered the daily fixing, but rose from today’s opening, signaling that the market has confidence in the currency.
The PBoC set its reference rate 0.05 percent lower to 6.2578 per dollar. The currency has reached the record high of 6.1923 yesterday. Analysts think that the yuan will likely continue appreciate (if the central bank will not intervene) as capital inflows into Asian countries increase the appeal of region’s assets.
USD/CNY went down from 6.1985 to 6.1964 as of 10:39 GMT today.
If you have any questions, comments or opinions regarding the Chinese Yuan, feel free to post them using the commentary form below.
Earlier News About the Chinese Yuan:
- Yuan Falls as PMI Misses Projections (2013-04-01)
- Yuan Rises with Help of PBoC (2013-03-29)
- Unexpected Chinese Trade Surplus Makes Yuan Stronger (2013-03-08)
- Yuan Fluctuates as Bernanke Reduces Fear (2013-02-27)
- Chinese Yuan Stronger as PBoC Boosts Daily Fixing (2013-02-20)