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Yuan strengthens against other currencies in July: index
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THE yuan strengthened slightly against a basket of currencies in July, according to latest data released by financial services provider China Foreign Exchange Trade System (CFETS).
The yuan exchange rate composite index, which measures the yuan's strength relative to a basket of currencies including the U.S. dollar, euro and Japanese yen, came in at 95.34 at the end of July.
That marked a 0.34 percent appreciation from 95.02 a month earlier, CFETS said in an article published on its website.
Market analysts attributed the yuan's recent strengthening to a stabilizing trend in global foreign exchange market after the influence of Brexit abated.
China's central bank reaffirmed on Friday that it will keep the yuan exchange rate basically stable at a "reasonable and balanced" level, improve the exchange rate formation mechanism, and accelerate the development of foreign exchange market.
The yuan exchange rate composite index was first released in December 2015 to offer a more comprehensive reflection of exchange-rate changes. Previously, market watchers had mainly fixated on the yuan-U.S. dollar rate.
In July, the index that measures the yuan against the Bank for International Settlements (BIS) currency basket strengthened 0.01 percent month on month to 96.1, while that against the Special Drawing Rights (SDR) basket appreciated by 0.24 percent from a month earlier to 95.99, according to the CFETS.
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