Diabytes
Chinese Yuan News
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The IMF expected that China`s current account surplus will continue to be narrowed if the country continues to implement reforms.
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Asian currencies rose on Wednesday as strong manufacturing data from China coupled with a risk-happy market environment spurred interest in emerging currencies, with the Chinese yuan jumping to its highest in six-and-a-half months.
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China`s yuan is poised to enter the International Monetary Fund`s elite SDR basket of currencies, raising Beijing`s banknotes to the status of global reserve asset.
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Pent up demand for US dollars by the jewellery sector, coupled with a weak Chinese yuan, are expected to exert pressure on the Indian rupee during the upcoming week, experts said on Saturday.
The onshore yuan climbed to 6.4625 to the dollar as of 9.40 a.m. in Shanghai, up 214 basis points from Thursday`s close, according to China Foreign Exchange Trade System prices.
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China`s economy isn`t headed for a hard landing and isn`t dragging on the global economy, China`s top economic planner said on Sunday, but uncertainty and instability in the global economy do pose a risk to the country`s growth
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Asian stocks surrendered earlier gains to hit 3-1/2-year lows on Friday as renewed pressure on oil prices and disappointing Chinese data kept investors on edge.
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The International Monetary Fund is expected to approve inclusion of China`s yuan in its SDR basket of elite currencies on Monday, rewarding Beijing`s strong pursuit of the global status.
The yuan weakened by 14 basis points against the US dollar, the China Foreign Exchange Trading System said.
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The move will lower trading costs for China and Switzerland.
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The United States has softened its long-held stance that China's currency is significantly undervalued, saying the yuan remains below its "appropriate medium-term valuation".
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The CIPS provides capital settlement and clearing services for cross-border yuan transactions for financial institutions domestically and abroad.
"Dollar sales by state-owned banks on behalf of the central bank eased today," said a dealer at a European bank in Shanghai.
In China`s spot foreign exchange market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day, Xinhua reported.
Reserve Bank Governor Raghuram Rajan on Thursday said there is a pick up in the economy and expressed hope that rural demand will get stronger if the monsoon improves.
The country remains a 'long way off' from a complete turnaround in the corporate investment cycle despite various positive economic indicators, says a report.
In China`s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
Export Promotion Council for Handicrafts (EPCH) said that Indian products would loose their competitiveness in the global market due to the devaluation of yuan.
The move is crucial for the formation of a direct exchange rate between the Chinese yuan and Singapore dollar.
In China`s foreign exchange spot market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day.
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