Chinese Yuan Edges Lower at Opening
Tang Shihua
DATE:  Feb 15 2019
/ SOURCE:  yicai

 (Yicai Global) Feb.15 -- The Chinese yuan started the morning by softening slightly against the dollar, as investors trod lightly ahead of the conclusion today of the latest high level China-US trade talks.
 

The onshore yuan spot rate opened at 6.7750, a bit weaker than the 6.7708 at the close of yesterday's night trading. The offshore spot exchange rate was 6.7875 in the morning.
 

The country's central bank the People's Bank of China set the central parity rate between the two currencies at 6.7623 today, 123 basis points stronger for the redback than yesterday's official parity rate.  
 

The Chinese currency has leeway to rise or fall by 2 percent from the central parity rate each day in China's spot foreign exchange market.
 

China announced better than expected January import- export data yesterday in a sign the national economy remained resilient despite growing external uncertainties. The country logged a USD27 billion trade surplus to US for the month despite the ongoing trade frictions between the world's two biggest economic giants.
 

Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are jointly chairing the discussions underway in the Chinese capital.


Editor: Ben Armour

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Keywords:   CNY,CNH,Foreign Exchange Market,Central Parity Rate