The Chinese yuan retreated today, after it gained yesterday on the signals of the end for the dollar’s peg, as China’s central bank might intervene to curb the currency’s appreciation.
Yesterday China signaled that it may allow more flexibility in the exchange rate of its currency to deflect the accusations of its trading partners and to keep in check the growing inflation. The Peopleâs Bank of China prefer the gradual appreciation, though, and ready to curb any “excessive” gains.
USD/CNY traded near 6.8058 as of 8:50 GMT after it opened at 6.7980.
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