The Chinese yuan advanced today as the nation’s central bank set the reference rate higher. Speculations about possible delay of an interest rate hike from the Federal Reserve were also helping the currency.
The People’s Bank of China set the daily fixing at 6.3406 per dollar, up from the previous level of 6.3493. The currency is allowed to trade 2 percent above or below the official fix. Worries that the Fed will postpone monetary tightening provided additional support to the yuan against the dollar.
USD/CNY fell from 6.3455 to 6.3235 as of 8:49 GMT today, reaching the low of 6.3189 intraday.
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