Yuan At Highest Level In Over A Year On Weak Dollar
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2020-08-31 HKT 09:45
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China's central bank lifted its official yuan midpoint to the highest in 13 months on Monday to reflect persistent weakness in the US dollar on global markets.
The People's Bank of China (PBOC) set the midpoint rate at 6.8605 to the dollar prior to the market opening, 0.42 percent firmer than the previous fix of 6.8891 on Friday. The rate is the strongest since July 2, 2019.
However, the fixing was not set as high as the market had expected. It was 55 pips weaker than a Reuters estimate of 6.8550 per dollar.
The move in Monday's official guidance rate was the biggest one-day strengthening in percentage terms since August 6.
The dollar was poised to register its fourth consecutive monthly decline, its longest streak since the summer of 2017. (Reuters)
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