Yuan gets an upgrade as China’s economy recovers

Yuan gets an upgrade as China’s economy recovers

(ATF) China's quick economic recovery has made it the only major economy to post growth in 2020, and the PBoC's reluctance to cut rates has analysts scrambling to raise their forecasts for the yuan. A spokesperson from the State Administration of Foreign Exchange has called for enterprises to be cautious …

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China GDP, Ant IPO push yuan to new highs

China GDP, Ant IPO push yuan to new highs

(ATF) The People's Bank of China (PBoC) set central parity for the yuan with the US dollar at 6.6930 this Tuesday morning. It was the strongest fixing since April 18, 2019. Still, it underestimated the Chinese currency's buoyancy. The onshore yuan (CNY) traded at 6.6854 at 4pm HK time. The …

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China slowing the yuan's rise? Very doubtful

China slowing the yuan's rise? Very doubtful

(ATF) There was much ado on Bloomberg and other financial news services when the People's Bank of China (PBoC) announced last Saturday that financial institutions no longer need to set aside cash for risk reserves when purchasing foreign exchange for clients through forward contracts starting on Monday. The move was …

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Chinese yuan powers to over two-year highs

Chinese yuan powers to over two-year highs

(ATF) China's central bank (PBoC), back from a week-long National Day and Mid-Autumn festival holidays, set central parity for the yuan against the US dollar at 6.7796 on Friday morning, well higher than the last pre-holiday rate of 6.8101, yet nowhere near where a holiday refreshed yuan wanted to go. …

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Yuan jumps on expected foreign demand for Chinese assets

Yuan jumps on expected foreign demand for Chinese assets

(ATF) Even as China celebrates National Day and the mid-autumn festival and takes week-long holidays until October 9, trading in the offshore deliverable yuan (CNH) continues. And over the past 48 hours, CNH registered some of the largest gains since it started trading in 2010. First the numbers. The sharp …

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Pause in yuan's rise to persist through November 3 US election

Pause in yuan's rise to persist through November 3 US election

(ATF) The People's Bank of China (PBoC) this morning set the yuan's central parity rate with the US dollar at 6.8101, marginally stronger than Tuesday's 6.8171 and the first day-on-day advance of the Chinese currency's fixing since September 18 (when it was set at an 18-month high of 6.7591). At …

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Evergrande's monster debt weighs down China stocks, yuan

Evergrande's monster debt weighs down China stocks, yuan

(ATF) The initial hits pummelling the high-flying yuan came late last week when US and Chinese (Shanghai - Shenzhen - Hong Kong) stocks re-coupled and the US stocks malaise since September 2 infected East Asia. China's markets had shown resistance to the extended US markets' swoon, which drove the Nasdaq …

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