Chinese Yuan Rises 147 BPs Against Dollar
Liao Shumin
DATE:  Nov 29 2018
/ SOURCE:  yicai

(Yicai Global) Nov. 29 -- The central parity rate of China's yuan rose 147 basis points to 6.9353 against the US dollar today, according to the China Foreign Exchange Trade System, in a reversal of the redback's fortunes thus far this week.

The dollar extended its losses against other major currencies in late trading yesterday after Federal Reserve Chairman Jerome Powell said the central bank's interest rates "remain just below" neutral on the same day.

Investors largely took Powell's latest words as a signal the Fed will slow the pace of its policy tightening, as the remarks were seen as a retreat from his take on its rates early last month, Chinese state media Xinhua reported. 

Editor: Ben Armour

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