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The People’s Bank of China has set a Fixed Rate
Traders said that they still expect the Yuan to appreciate further against dollar in the longer term. According to the stock exchange report Chinese Yuan was slightly lower against the U.S dollar till Tuesday afternoon. Report of a Guangzhou-based trader at a foreign bank says; there is more dollar offer and that is the primary reason behind the dollar-Yuan staying below the fixing level so far. Since June industrial production may have increased 15.1% comparatively according to a Bloomberg survey report. In an interview Philip I. Levy, resident scholar at the American Enterprise Institute in Washington, D.C says that he Yuan appreciation is quite gradual but it is not going to settle the American Economy.
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By mmanish on Bank of China | Tuesday July 13, 2010 10:24 am
The dollar-Yuan’s mid-point surprisingly set at 6.7802 by the people’s bank of China, down from Monday’s 6.7718 which was the fixing’s highest level since the 1st July. As per the records the dollar was at CNY6.7720 at 0930 GMT and close of CNY6.7711. It traded between CNY6.7720 and CNY6.7803. According to a Shanghai based trader at an Asian Bank the fixing level by PBOC came as a surprise and it certainly strengthens the thought that PBOC wants to increase two way movements of the Yuan exchange rate flexibility as well as allowing the Yuan to appreciate. On June 19th e central bank announced a decision to drop its two year old currency peg to the dollar and promised to increase Yuan exchange rate flexibility. The Yuan appreciated 0.81% against the dollar as on Monday June 20. A trader from Shanghai at foreign bank said that after June 19 incident few people thought that there might be a typo error in the central parity rate because many of the traders expected it to be closer to the 6.7700 level.Traders said that they still expect the Yuan to appreciate further against dollar in the longer term. According to the stock exchange report Chinese Yuan was slightly lower against the U.S dollar till Tuesday afternoon. Report of a Guangzhou-based trader at a foreign bank says; there is more dollar offer and that is the primary reason behind the dollar-Yuan staying below the fixing level so far. Since June industrial production may have increased 15.1% comparatively according to a Bloomberg survey report. In an interview Philip I. Levy, resident scholar at the American Enterprise Institute in Washington, D.C says that he Yuan appreciation is quite gradual but it is not going to settle the American Economy.
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.
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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
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