Yuan Fell Against the U.S. Dollar
On Monday, China's Yuan fell against the U.S. dollar after the Chinese currency was lowered by the Central Bank. Market analysts believe that the dollar has gained due to concerns about euro zone's sovereign debt problems. According to the China Foreign Exchange Trade System, the Yuan fell 0.19% to 6.5050 per dollar in Shanghai.
After the advancement of dollar, the People's Bank of China set the dollar-Yuan central parity rates at 6.4998. The ICE Dollar Index, which weighs the U.S. dollar against a number of foreign currencies at 75.626 late Friday in New York. The rate was up from 75.111 late Thursday.
The dollar was traded at CNY6.5050, over-the-counter market, which was up from its Friday’s close of CNY6.4923.
Leong Sook Mei, a Currency Strategist in Singapore at Bank of Tokyo-Mitsubishi UFJ Ltd said “For now, the Yuan’s setting is in accordance with the dollar trend”.
Experts believe that a stronger currency will help china in controlling inflation by reducing the cost of imports. Moderate economic growth of the nation will provide favorable conditions for prices to decline in the second half of the year and will also help in economic restructuring.
- 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