Yuan Falls Against the U.S. Dollar
China’s currency, Yuan dropped against the U.S. dollar in Friday Trading. The dollar was at CNY6.5325, which was higher than previous closing at CNY6.5315. The People's Bank of China set the dollar/yuan central parity rate at 6.5301 which was lower than its Thursday’s rate of 6.5339.
The ICE Dollar Index, which tracks the U.S. dollar against other foreign currencies, fell to 74.704 late Thursday in New York. The rate was lowest since November 2009.
Meanwhile, the Hong Kong's benchmark Hang Seng index was closed at 1.6% lower rate as compared to the previous trading. The decline in the rates were fuelled by rising mortgage rates and oil prices.
The shares of developers rose by 15% in the previous three weeks after local authorities took steps to curb lending and HSBC raised its interest rates on new mortgages for a second time in a month. Sun Hung Kai Properties rose to 17.1 times as compared to 15.8 times at the end of March. Markets analysts believe that the increase is likely to benefit the Chinese real estate industry.
- Nikola Motors puts hydrogen fuel-cell semi truck Badger project on back burner
- BMW expands vehicle recall over battery issue to more than 4,500 U.S. plug-in hybrids
- Karma Automotive announces attractive price tag & unique features for upcoming GSe-6 electric sedan
- Twin River acquires iconic Bally’s brand from Caesars Entertainment for $20 million
- Wynn Resorts’ Encore to close for 3 days a week due to low demand