Yuan Falls against Dollar

Yuan Falls against Dollar

According to reports, this Thursday the market saw Yuan falling against the US dollar. However, it was being expected by the central bank that the currency will go up stronger in terms of daily reference rate due to concerns like economic outlook and capital outflows.

It was uncovered that dollar fell from its Wednesday close of CNY6.3229 to CNY6.2997 till the market closed today. The trading was noted to be done in the range of CNY6.2988 to CNY6.3208. The value set by the central bank was 6.3004 for Thursday, instead of the Wednesday's 6.3092.

It was being expected by the traders that the value of Yuan will be equivalent to that of dollar at the established exchange market. However, this was only possible if the dollar's value remained almost firm in the exchange rate.

A trader with a foreign bank in Shanghai said, “The PBOC may want to use the stronger fixing to boost international investors' confidence in the Yuan and China's economy, especially as worries about capital flight are growing again”.

The levels at which the trading is being done are much lower than the fixings this week.

The decline for Yuan so far has been registered approximately 0.1% against the dollar for this year. And if the conditions remain the same, it is expected to fall by 0.7% by the next year.


FrenchTribune Specials

Not Enough Water on Three Giant Planets to Support Life

After conducting measurements of the atmospheres of three giant planets, a team of researchers have deduced that little water is present on them. With the help of the Hubble Space Telescope, the researchers have found that the three planets are not capable of supporting life because of not having H2O rich environment.

All the three...

Most Popular

Calibration Error Caused Overestimation of Expansion of Antarctic Sea Ice

A new study that was published in the journal 'The...

International Maritime Organization Reroutes Ships to Protect Whales

Blue whales are found in large numbers in the busy...

Botanical Objects Suspended in Space

A Japanese artist Azuma Makoto launched two botanical...

GSK Applying for Regulatory Approval of World’s First Malaria Vaccine

GlaxoSmithKline (GSK. L) has developed the world's first...

Poll

Can Greece Come out of Economic Problems: