Yuan Rises Sluggishly Against the Dollar

Yuan Rises Sluggishly Against the Dollar

Xu Wei

Date: Wed, 09/13/2017 - 16:41 / source:Yicai
Yuan Rises Sluggishly Against the Dollar
Yuan Rises Sluggishly Against the Dollar

(Yicai Global) Sept. 13 -- The yuan has appreciated against the dollar slightly after a two-day decline.

By 3.50 p.m., the dollar-yuan spot exchange rate had gone up 86 basis points to 6.5267 in onshore markets, while the rate scaled down 103 basis points to 6.5258 offshore.

The central parity rate of the yuan against the dollar shed 105 basis points before today’s opening of the interbank market.

The yuan’s steep rise over the past two weeks has prodded China’s central bank to slash its purchase of foreign exchange reserves to zero and take other measures to signal its aversion to a too-swift yuan rise and rein in the currency’s rapid upward trajectory. As foreign exchange supply and demand forces tend to converge, however, the future yuan rate will fluctuate, market observers predicted.

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Keywords: Onshore Yuan, foreign currency