-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanhan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Fun
-
Budding Writers
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Business_Markets
-
Shopping
-
Travel
-
Restaurants
-
Hotels
-
Investment
-
Yearend Review
-
In depth
-
Leisure Highlights
-
Sports
-
World
-
QINGDAO TODAY
-
Entertainment
-
Business
-
Markets
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Markets
Yuan extends 2017 rally to 7.5%
    2017-September-11  08:53    Shenzhen Daily

THE yuan Friday extended a blistering rally that has let it gain 7.5 percent against the U.S. dollar this year, more than erasing the 6.5 percent loss it suffered in 2016.

The yuan, coming back into the global spotlight, Thursday blew past the key 6.5 per dollar level for the first time since May 2016, and Friday it had a hefty gain.

Spot yuan surged to 6.435 before weakening. At the official local close Friday afternoon, the yuan was at 6.4617, the highest such close since April 2016.

The yuan gained around 1.5 percent last week, the highest weekly gain since the currency was revalued in July 2005. In the previous week, the yuan strengthened around 1.4 percent.

The Chinese currency has risen more than 2,600 pips since the beginning of August, an unusual run given it normally moves in a narrow range.

Chinese policymakers are beginning to worry about the rallying yuan as exporters come under strain, policy insiders said, a sign that the currency’s gains might lose steam.

Prior to Friday’s market opening, the People’s Bank of China raised its official yuan midpoint for the 10th straight session, to 6.5032 per dollar, the strongest since May 12, 2016.

The last time the midpoint had a stronger fixing for 10 consecutive days was in December 2010.

But Friday’s midpoint — 237 pips or 0.36 percent firmer than the previous one of 6.5269 per dollar — was weaker than market expectations, traders said.

Their forecasts had suggested the guidance might be firmer than 6.5 per dollar.

The onshore spot yuan opened at 6.4800 per dollar and was at 6.4617 by the domestic close, 233 pips stronger than the previous late session close and 0.64 percent firmer than the midpoint.

On Friday morning, official data showed that China’s exports rose by 5.5 percent from a year earlier, below market expectations, while imports beat forecasts, growing 13.3 percent last month.

The August trade data had no impact on the spot yuan trade, according to market participants. But analysts said the soft China export figures should highlight the overshooting risk in the yuan. (SD-Agencies)

 

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn