The yuan closed up against the dollar after hitting a record trading high on Tuesday as the People's Bank of China set its mid-point at an all-time high after the dollar index sank to a seven-week low. Spot yuan closed at 6.4414 versus the dollar, stronger than Monday's close of 6.4450. It has now appreciated 6 percent since it was depegged from the dollar in June 2010 and 2.3 percent so far this year.
In intraday trading, the currency hit an all time high of 6.4382 after the PBOC fixed its mid-point at a record high of 6.4470, stronger than Monday's 6.4503 and toppling the fixing's historical high of 6.4495 set last Friday. Offshore, benchmark one-year dollar/yuan non-deliverable forwards (NDFs) were bid at 6.3680 in late trade, down slightly from 6.3830 at the previous day's close.
Comments
Comments are closed.