HONG KONG : China's yuan firmed against the dollar on Thursday after the central bank offered more reassurances to markets worried by the currency's recent sharp falls.'Even if the yuan exchange market has a panic unilateral trend, there are abundant tools to calm the 'herd effect' and ensure the smooth o
HONG KONG : China's yuan firmed against the dollar on Thursday after the central bank offered more reassurances to markets worried by the currency's recent sharp falls.
The PBOC set the midpoint rate at 7.2098 per U.S. dollar prior to market open, weaker than the previous fix of 7.1968, but 400 pips firmer than Reuters' estimates. Spot yuan opened at 7.2507 per dollar and was changing hands at 7.2489 at midday, 31 pips stronger than the previous late session close and 0.54 per cent weaker than the midpoint.
That, coupled with the strong daily fixings this week, signals that the PBOC is keen to anchor the midpoint fixing at 7.19 to 7.2 per dollar"so that the spot yuan won't weaken further to the 7.3 level," said Ken Cheung, chief Asian FX strategist at Mizuho.
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