Forex Market News

China’s Yuan Firms Slightly, But Still Near 6-Year Lows

China’s yuan firmed slightly against the dollar on the Tuesday but remained near six-year lows amid a broadly positive tone for the US currency. The yuan’s fall of more than 1.5 per cent since the end of September has prompted renewed suspicion among some in the market of a possible extended slide in the Chinese currency.
Officials, however, have reiterated their expectations for a stable currency. Yi Gang, deputy governor of the People’s Bank of China, said in a newspaper commentary published on Tuesday there was no basis for the yuan’s continuous depreciation and the exchange rate would remain broadly stable.
The People’s Bank of China set the midpoint rate at 6.7744 per dollar prior to market open, weaker than the previous fix 6.7690. The spot market opened at 6.7787 per dollar and was changing hands at 6.7762 at midday, 13 pips firmer than the previous late session close and 0.03 per cent weaker than the midpoint.
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