The Yuan Spot Rate Fluctuates at 6.58-6.59 Both Onshore and Offshore
Xu Wei
/SOURCE : Yicai
The Yuan Spot Rate Fluctuates at 6.58-6.59 Both Onshore and Offshore

(Yicai Global) Sept. 19 -- The onshore and offshore yuan fluctuated against the dollar at 6.58-6.59, and the yuan-dollar central parity rate dropped 111 basis points.

At 15.36 p.m., the onshore yuan spot rate dipped 90 basis points to 6.5815, while the offshore rate was at 6.5829, down 93 basis points.

The China Foreign Exchange Trade System (CFETS), 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 6.5530 against the dollar, down 111 basis points to plumb a new low since Jan. 6 last year before the opening of the interbank market today.

The US dollar index rose 0.68 percent, while onshore yuan fell 0.75 percent and offshore yuan drooped 1.34 percent.

Whether the yuan rally will continue is anybody's guess.

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Keywords: Central Parity Rate , CNY , CNH , Dollar