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Rate of Yuan Falls after Reaching a Record High on Monday
On Monday itself, the Yuan made a strong start and as the day headed, in the trade of the mid-afternoon, it hit a rate of .7676 sharply against the dollar. In Friday, the rate of Yuan was CNY6.7711. This was the highest rate since 1980 but it was the last trading that pulled down the Yuan to as low as CNY6.7766 against the dollar.
According to a foreign bank trader based on Shanghai, it is actually a signal sent by the Central bank which indicates that it is not in favor of supporting the Yuan to rise against the dollar.
On the other hand, the central bank claimed that the market is still purchasing Yuan throughout the day. Therefore a trader had said that they are desperate to know the amount that the central bank would allow for Yuan to rise against the dollar.
"I think the central bank is sending a signal that it doesn't want the Yuan to appreciate further in the near term," said a Shanghai-based foreign bank trader. The high rate fixed by the Central Bank would give an indication of the fact that the bank does not wants the Yuan to rise too fast against the US dollar.
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By mmanish on Markets | Tuesday July 06, 2010 09:03 am
On late Monday, the rate of Yuan in China fell sharply against the dollar. It came after the currency of China hit a high rate in the session irrespective of the fact that the dollar had made a rebound in the markets offshore. At the same time, the rate in Yuan rose high also because the Chinese Central Bank gave some intervention.On Monday itself, the Yuan made a strong start and as the day headed, in the trade of the mid-afternoon, it hit a rate of .7676 sharply against the dollar. In Friday, the rate of Yuan was CNY6.7711. This was the highest rate since 1980 but it was the last trading that pulled down the Yuan to as low as CNY6.7766 against the dollar.
According to a foreign bank trader based on Shanghai, it is actually a signal sent by the Central bank which indicates that it is not in favor of supporting the Yuan to rise against the dollar.
On the other hand, the central bank claimed that the market is still purchasing Yuan throughout the day. Therefore a trader had said that they are desperate to know the amount that the central bank would allow for Yuan to rise against the dollar.
"I think the central bank is sending a signal that it doesn't want the Yuan to appreciate further in the near term," said a Shanghai-based foreign bank trader. The high rate fixed by the Central Bank would give an indication of the fact that the bank does not wants the Yuan to rise too fast against the US dollar.
ABOUT theOTCmarket.com:
TheOTCMarket.com (THEOTCM) is an investor-oriented resource centre offering relevant news and information vital to investors (individuals and firms) in the financial sector. It provides independent, unbiased and a comprehensive overview of any new development and trends in the investor and financial market. We also provide in-depth analysis, research, insights and similar resources online.
TheOTCmarket.com offers Stock Newsletter on various hot stocks of the day.
We also offer a news alert service on twitter by following our twits at http://twitter.com/theOTCmarket
We publish daily news in the form of our Market Snapshot and also provide daily Hot Stocks for its visitors. Additional attractions for investors and financial institutions are offered in the form of stock alerts, newsletters and other forms of subscribed information.
You can become leader in stock market by keeping track of the daily activity.
Disclaimer:
THEOTCM electronically disseminates information (the “Information”) on its websites, in newsletters, featured reports, spam compliant double-opt in email communications or otherwise pertaining to Featured Stocks’ (the “Issuer” or “Issuers” or “Featured Stock” or “Featured Stocks”), the securities of which are most frequently common stock shares quoted on the Over the Counter Bulletin Board (“OTCBB”) or Pink Sheets. The Information is based on publicly available information, such as quarterly (with unaudited financial statements) and annual reports (with audited financial statements) filed with the Securities and Exchange Commission (“SEC”), quarterly and annual unaudited financial reports and Information and Disclosure Statements filed with the Pink Sheets, the Issuer’s website and information obtained through search engines such as Yahoo Finance, Market Watch, PRnewswire, StockHouse, StockWatch, OTCmarket and Business Wire. We synthesize the Information from these informational sources for our Readers as a starting point for further inquiry into the Issuer and its securities.
THEOTCM is not a registered investment advisor or registered securities broker dealer and the Information should not be construed in any manner, shape or form as investment advice, investment recommendations or opinions or viewpoints regarding the Profiled Company or its securities or as a solicitation to offer, purchase or sell the Profiled Company’s securities. THEOTCM does not endorse, independently verify or assert the truthfulness, completeness, accuracy or reliability of the Information and conducts no due diligence whatsoever of the Profiled Companies. Because the Information is presented on an “as is” basis, your use of the Information is at your own risk. THEOTCM disclaims, expressly and impliedly, all warranties of any kind, including those of merchantability and fitness for a particular purpose or whether the Information is accurate or reliable or free of errors. The Reader hereby indemnifies THEOTCM from any liability for any claimed direct, indirect, incidental, punitive, or consequential damages pertaining to the disseminated Information.
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