Yuan rises versus basket of currencies
Print Edition
THE yuan edged up against a basket of currencies in May despite hopes for a stronger US dollar, according to an index released by financial services provider China Foreign Exchange Trade System.
The yuan exchange rate composite index, which measures the yuan’s strength relative to a basket of 13 currencies including the US dollar, euro and yen, stood at 97.15 at the end of May.
That marked a gain from 97.12 a month earlier, CFETS said in an article published on its website yesterday.
The article attributed the appreciation to the yuan’s strengthening relative to other emerging market currencies.
Though the yuan weakened 1.5 percent against the dollar due to anticipation over an interest rate hike in the US, other emerging market currencies saw even sharper depreciation against the dollar, weakening by over 2 percent.
Despite a weaker yuan against the dollar in May, the market remained calm and stable, the article said.
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