SHANGHAI :
PBOC Sets Central Parity Rate of Yuan Against Dollar Up for 11th Straight Day
Xu Wei
DATE:  Sep 11 2017
/ SOURCE:  Yicai
PBOC Sets Central Parity Rate of Yuan Against Dollar Up for 11th Straight Day PBOC Sets Central Parity Rate of Yuan Against Dollar Up for 11th Straight Day

(Yicai Global) Sept. 11 -- The central parity rate of the yuan against the US dollar rose 35 basis points before the opening of the interbank market today for the 11th consecutive day that the central parity rate has appreciated, the longest such streak since 2005.

The China Foreign Exchange Trade System (CFETS) of the interbank trading and foreign exchange division of China's central bank, the People's Bank of China (PBOC), set the yuan central parity rate at 6.4997 against the dollar, compared with the official close of 6.4617 on Sept. 8.

The onshore and offshore spot exchange rates of the yuan against the dollar fell to the highest levels of 6.4345 and 6.4387, but rebounded to 6.4772 and 6.4750 at the close of night trading Sept. 8.

The dollar index rose 0.1102 points to 91.5383 at 9:27am today.

The dollar will primarily affect the future yuan trend. The greenback may bounce back short term, pushing down the yuan, yet even should this happen, the yuan will appreciate nonetheless over the entire year, experts said.

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Keywords:   Central Parity Rate,CNY,CNH