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.
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