Yuan sets intra-day high versus US dollar
By Feng Jianmin |
October 16, 2012, Tuesday
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Print Edition
Print Edition
THE yuan hit a new intra-day high to break the 6.26 level yesterday before ending weaker on strong buying of the US dollar.
The yuan briefly rose to 6.2583 against the greenback in spot trading, 1 percent stronger than its central parity rate of 6.3112, as it hit the ceiling the currency is allowed to be traded, according to the China Foreign Exchange Trading System.
The People's Bank of China yesterday set the central parity rate 152 basis points stronger than last Friday's, as the US dollar fell on hopes for a Spanish bailout decision during a European Unit summit to be held on Thursday.
The yuan eventually closed at 6.2704, 31 basis points weaker than last Friday's.
Traders said the yuan finally weakened due to strong buying of the US dollar which was seen as cheap after the Chinese currency had appreciated.
Nomura said in a report yesterday that foreign capital was flowing back into China after outflows in June and July, sustaining the yuan's appreciation.
The yuan has been gaining in the mainland's spot market for 10 consecutive weeks by the end of last week, the longest winning streak since March 2008.
China's foreign-exchange reserves, the world's largest, climbed to US$3.29 trillion at the end of September from US$3.24 trillion on June 30, reversing a US$60 billion decline recorded between March and June, the PBOC said on Saturday.
Meanwhile in the offshore Hong Kong market, the yuan gained 0.07 percent to 6.2675 per dollar. Twelve-month non-deliverable forwards, watched as an indicator for the yuan's future value, were little changed at 6.3570.
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