Reduction of US Treasuries "not strategic", says official; confidence in keeping yuan stable cited
Yi Gang, deputy governor of the People's Bank of China, the central bank, told Xinhua News Agency late Sunday that the yuan remains a stable and strong currency in the global monetary system, and it cannot be ruled out that the US dollar could drop.
The yuan was trading slightly stronger on Friday morning than on Thursday, although it remains near record lows as the People’s Bank of China continues to bring down the reference rate.
The RBI on Thursday intervened to steady the rupee as it plunged by 30 paise to hit all-time low of 68.86 on Thursday due to broad strength in the US dollar, capital outflows from emerging markets, and worries about the demonetisation drive+ .
The Chinese currency extended its decline against the U.S. dollar on Monday, while analysts expect the central bank to place short-term priority on the yuan's stability against a basket of currencies rather than the dollar alone.
Asian shares rebounded on Thursday and the dollar firmed in a remarkable snapback from the shock of Republican Donald Trump's presidential victory, though the speed of the reversal left some market watchers scratching their heads.
The Chinese currency, the renminbi or the yuan, weakened against the U.S. dollar on Thursday, as the dollar climbed against most major currencies on Wednesday with investors assessing the impact of Republican Donald Trump winning the U.S. presidential election.
The yuan dropped for the third straight day on Tuesday as the US dollar strengthened amid the ongoing US presidential election, but analysts said the election results will not have a major or sustained impact on the yuan's exchange rate.
Though the Chinese currency renminbi, or the yuan, weakened to a six-year low against the U.S. dollar Friday, analysts said a sharp drop is unlikely despite persistent depreciation pressure.
China's Dalian Wanda Group has announced it will offer a 40% rebate to qualifying producers who use its new studios in east China's Qingdao.
Chinese currency hovers around lowest level in over six years; Thai Baht rallies after losing 1.85pc this month, after King’s death
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 230 basis points to 6.7008 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System (CFETS).
Asian shares wobbled on Tuesday (Oct 4) after fading hopes for a reduced Deutsche Bank fine and rising expectations of a US interest rate hike pressured Wall Street.
Asian stocks edged up early on Wednesday following an overnight rise for U.S. stocks, while reduced hopes that a meeting of major producers would reduce a oversupply weighed heavily on crude oil prices.
Asian shares recovered from an early bout of nerves while the Mexican peso surged on Tuesday as investors awarded the first U.S. presidential debate to Democrat Hillary Clinton over Republican Donald Trump.
The yen slipped to a one-week low against the dollar on Wednesday, after a report said the Bank of Japan is considering further monetary easing steps, including taking interest rates deeper into negative territory.
The dollar rose to a three-week high against the yen on Monday, while bond yields surged to their highest since June and stocks sold off after senior Federal Reserve officials indicated a U.S. interest rate increase was on the cards in the near term.
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