Arab Today, arab today china fixes yuan at fourweek low despite pledge
Last Updated : GMT 15:25:18
Arab Today, arab today
Arab Today, arab today

China fixes yuan at four-week low despite pledge

Arab Today, arab today

Arab Today, arab today China fixes yuan at four-week low despite pledge

China's central bank
Shanghai - AFP

China's central bank on Monday fixed its central rate for the yuan currency at a four-week low, data showed, despite comments by chief Zhou Xiaochuan that there was no basis for further depreciation.

The People's Bank of China (PBoC) set the yuan at 6.5452 to $1.0, down 0.17 percent from Friday, according to the China Foreign Exchange Trade System. The fix was the weakest since February 3, previous figures showed.

The weaker currency hurt sentiment on the stock market, with the benchmark Shanghai Composite Index dropping as much as 4.44 percent on Monday morning.

PBoC governor Zhou Xiaochuan on Friday told a seminar on the sidelines of the G20 finance ministers' meeting in Shanghai that the yuan -- also known as the renminbi (RMB) --- would be stable.

"There is no basis for persistent renminbi depreciation from the perspective of fundamentals," he said.

Authorities only allow the yuan to rise or fall two percent on either side of the daily fix, to prevent volatility and maintain control over the currency.

But a shock currency devaluation in August, which saw the normally stable unit guided down nearly five percent in a week followed by another drop in January, raised suspicions Beijing is pursuing a currency war to make its exports cheaper.

Central bank chief Zhou denied those accusations on Friday.

In a communique, G20 countries on Saturday pledged to avoid "competitive devaluations", though the document made no direct mention of China.

Zhou and other Chinese officials have repeatedly pledged to move towards a more flexible exchange rate.

US Treasury Secretary Jacob Lew, who is visiting China, on Monday urged the country's premier Li Keqiang to implement economic reforms.

"It is also critical that China continue to move toward a more market-determined exchange rate in an orderly manner," he said in Beijing.

The yuan was quoted at 6.5480 to $1.0 around midday on Monday, weakening slightly from Friday's close of 6.5372.

The central bank said it pumped 230 billion yuan ($35 billion) into the financial system on Monday, bringing total fund injections over the past week to over 1.0 trillion yuan, according to state media.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china fixes yuan at fourweek low despite pledge Arab Today, arab today china fixes yuan at fourweek low despite pledge

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china fixes yuan at fourweek low despite pledge Arab Today, arab today china fixes yuan at fourweek low despite pledge

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today Sally Shaheen considers hosting a political show
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday