China's yuan slipped against the dollar on Friday, under pressure from the US currency's strength on global markets. The yuan ended at 8.0111 from Thursday's close of 8.0080 after the central bank set the yuan's daily mid-point exchange rate at a weaker 8.0130 on Friday versus 8.0098 a day earlier.
"It seems to me that a stronger dollar was the best explanation for the yuan's slip today," said a trader at a Shanghai lender.
Globally, the dollar rose against the euro on Friday, recovering from the previous day's seven-month low marked before the European Central Bank chief smothered market expectations for an interest rate rise in May.
The yuan has now appreciated a further 1.23 percent since Beijing revalued the currency by 2.1 percent in July and freed it from a dollar peg to float within managed bands.
It had touched a high of 8.0050 in intraday trade on Thursday, its strongest level since the policy move.
Comments
Comments are closed.