Chinese Yuan At 10-day High Vs U.S. Dollar After PBOC Move
March 15 2017 - 10:47PM
RTTF2
The Chinese yuan gained around against the U.S. dollar on
Thursday, after the People's Bank of China lifted up its short-term
interest rate to counter capital flows following the U.S. rate
hike.
The central bank raised its interest rates of the six-month
medium-term lending facility and the one-year medium-term lending
facility by 10 basis points each to 3.05 percent and 3.2 percent,
respectively.
The yuan advanced to a 10-day high of 6.8887 against the
greenback, compared to Wednesday's closing value of 6.9131. If the
yuan firms further, 6.7 is likely seen as its next resistance
level.
The PBOC sets the central parity rate of the yuan at 6.8862 per
dollar, compared to yesterday's reference rate of 6.9115.The
central sets the central parity rate every morning and allows the
currency to fluctuate upto 2 percent from that level.
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