Yuan rate at highest in 3 weeks but market cautious
By Feng Jianmin |
August 24, 2012, Friday
|
Print Edition
Print Edition
CHINA set the yuan's exchange rate at the highest in three weeks yesterday, but the market is still cautious about the nation's economic outlook as a closely-watched data posted a weaker reading.
The People's Bank of China raised the central parity rate for the yuan by 0.05 percent to 6.3316, the strongest since August 1.
The yuan closed at 6.3535 against the greenback yesterday, 0.03 percent weaker than that on Wednesday. It briefly touched 6.3486 in intraday trading, the strongest since July 4.
The US dollar yesterday weakened against major currencies after many US monetary policymakers were in favor of a third round of asset purchases that would boost the supply of dollars.
Traders said the setting has stabilized the yuan but there is cautiousness after a preliminary reading of HSBC Purchasing Managers' Index indicated China's manufacturing activities in August fell at the fastest pace in 10 months.
The yuan has weakened 0.5 percent this year since China allowed a greater fluctuation of the currency's value and also on concerns over the nation's growth prospects.
The People's Bank of China raised the central parity rate for the yuan by 0.05 percent to 6.3316, the strongest since August 1.
The yuan closed at 6.3535 against the greenback yesterday, 0.03 percent weaker than that on Wednesday. It briefly touched 6.3486 in intraday trading, the strongest since July 4.
The US dollar yesterday weakened against major currencies after many US monetary policymakers were in favor of a third round of asset purchases that would boost the supply of dollars.
Traders said the setting has stabilized the yuan but there is cautiousness after a preliminary reading of HSBC Purchasing Managers' Index indicated China's manufacturing activities in August fell at the fastest pace in 10 months.
The yuan has weakened 0.5 percent this year since China allowed a greater fluctuation of the currency's value and also on concerns over the nation's growth prospects.
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