Chinese yuan hits 16-month high against US dollar
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, the Chinese yuan surged to a 16-month high against the US dollar on September 8. Analysts attributed the appreciation of the yuan to a series of factors including the recent weakness of the US dollar after Hurricane Harvey, China’s tighter management of capital outflows as well as improved market sentiment in the country.
The People’s Bank of China (PBOC) set the value of the yuan at 6.5032 to the dollar on Friday, up 0.36% from a day earlier, according to data from the Foreign Exchange Trade System. It was the highest rate since May 2016.
However, some analysts noted that the PBOC may intervene to slow the rise as it threatens to hurt China’s exports, according to Bloomberg.
The People’s Bank of China (PBOC) set the value of the yuan at 6.5032 to the dollar on Friday, up 0.36% from a day earlier, according to data from the Foreign Exchange Trade System. It was the highest rate since May 2016.
However, some analysts noted that the PBOC may intervene to slow the rise as it threatens to hurt China’s exports, according to Bloomberg.
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