PBOC Weakens Chinese Yuan by 49 Pips Against US Dollar
Zhang Yushuo
DATE:  Dec 27 2018
/ SOURCE:  yicai

Yicai Global) Dec. 27 -- The People's Bank of China has softened the country's currency against the US dollar as trade began this morning.

The China Foreign Exchange Trade System, a division under the central bank, set the yuan to buy USD6.8894, which is 49 pips weaker than the midpoint it fixed yesterday. The number, however, is 73 basis points firmer than the closing price of 6.8821 yesterday.

The CFETS sets the benchmark separately for each business day. Spot rates may rise or fall 2 percent above or below the midpoint. 

The greenback rose 0.4 percent to 97.062 yesterday. "Christmas sales were through the roof," CNN reported, citing Kevin Hassett, the chairman of the Council of Economic Advisers in the US. "All the anecdotal info that we're getting is that the fundamentals remain extremely sound." 

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Keywords:   Currency Exchange Rate