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First offshore yuan futures product closes weaker
By Jane Feng |
00:46 UTC+8 September 18, 2012
|
Print Edition
Print Edition
THE first offshore yuan futures product ended lower against the US dollar on its first day of trading yesterday compared with the offshore spot trading, as demand for hedging rose amid a wider fluctuation in the yuan.
The most traded yuan futures for December delivery closed at 6.3665 per US dollar yesterday in Hong Kong, weaker than the offshore spot trading that ended at 6.3240. The October delivery closed at 6.3358 against the greenback.
The product offers investors a hedging tool against currency risks, analysts said.
The People's Bank of China yesterday set the central parity rate at 6.3295 per US dollar on Chinese mainland, the strongest level since July 23. It was a fourth consecutive trading day the parity rate has risen.
The US Federal Reserve's quantitative easing move may continue to fuel the yuan's rise in the short term, but the currency's value is facing pressure from China's slowing economy, analysts said.
Citigroup Inc yesterday cut China's 2012 economic growth forecast to 7.6 percent from 8 percent, while Standard Chartered Bank cut their outlook to 7.7 percent from 8.1 percent.
The most traded yuan futures for December delivery closed at 6.3665 per US dollar yesterday in Hong Kong, weaker than the offshore spot trading that ended at 6.3240. The October delivery closed at 6.3358 against the greenback.
The product offers investors a hedging tool against currency risks, analysts said.
The People's Bank of China yesterday set the central parity rate at 6.3295 per US dollar on Chinese mainland, the strongest level since July 23. It was a fourth consecutive trading day the parity rate has risen.
The US Federal Reserve's quantitative easing move may continue to fuel the yuan's rise in the short term, but the currency's value is facing pressure from China's slowing economy, analysts said.
Citigroup Inc yesterday cut China's 2012 economic growth forecast to 7.6 percent from 8 percent, while Standard Chartered Bank cut their outlook to 7.7 percent from 8.1 percent.
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