SHANGHAI :
Onshore Yuan Hit the Strongest Versus US Dollar in 16 Months
Liao Shumin
DATE:  Sep 15 2020
/ SOURCE:  Yicai
Onshore Yuan Hit the Strongest Versus US Dollar in 16 Months Onshore Yuan Hit the Strongest Versus US Dollar in 16 Months

(Yicai Global) Sept. 15 -- The Chinese yuan's onshore exchange rate moved to the firmest point against the US dollar since May 2019 this morning.

The rate appreciated over 300 basis points by going below the level of 6.80, touching 6.7895. What helped was that the central parity rate was set 139 basis points stronger at 6.8222 this morning and that the US Dollar Index dropped 0.29 percent yesterday.

The move follows new insights about China's central bank digital currency. The CBDC is a legal tender that commercial banks would deliver to the public while the People's Bank of China would not charge currency exchange fees, Fan Yifei, PBOC's deputy governor, said in an article yesterday.

Editor: Emmi Laine

 

 

 

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Keywords:   Onshore Spot Exchange Rate