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

Laser Beams Could Cause Changes in Weather

Researchers may have found a way to cause changes in weather. A high-energy laser beam has been claimed by researchers to have the potential of making clouds rain or produce lightening.

The presence of large amounts of static electricity in the clouds results into existence of condensation, storms and lightning. And a laser beam can...

Most Popular

Earth-Like Planet Kepler 186f Discovered in Habitable Zone

Kepler Space Telescope launched in 2009 has found the...

Genetic Switches Cause Differences between Neanderthals and Humans

Israeli scientists have discovered genetic switches that...

9-Year-Old Michigan Boy finds Mastodon Tooth

A nine-year-old Michigan boy found Mastodon Tooth last...

Scientists Discover New X-Ray Method to Detect Hidden Nuclear Material

A new X-ray technique is capable of detecting hidden...

Poll

Can Greece Come out of Economic Problems: