Yuan Fluctuates on Mixed Fundamentals

The Chinese yuan fluctuated today as positive and negative fundamental effects were battling each other in an attempt to influence the currency, which trades in a range set by the nation’s central bank.
The People’s Bank of China set its reference rate 0.03 percent lower at 6.3190 per dollar, but that is still 0.6 percent above yesterday’s closing price. The uncertainty about the outcome of the European summit reduces demand for riskier currencies. At the same time, speculations that China is going to bolster its economic growth increased attractiveness of the yuan.
USD/CNY was flat at 6.3585 as of 9:01 GMT, while during the trading session it jumped as high as 6.3646 and fell as low as 6.3550.

If you have any questions, comments or opinions regarding the Chinese Yuan,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *

− 4 = two