Arab Today, arab today yuan declines as china tests 2 way trading
Last Updated : GMT 05:41:15
Arab Today, arab today
Arab Today, arab today

Yuan declines as China tests 2 way trading

Arab Today, arab today

Arab Today, arab today Yuan declines as China tests 2 way trading

Shanghai - Arabstoday

Currency heads for quarterly fall against dollar. The yuan edged lower against the dollar yesterday, increasing the prospect that it may post its first quarterly fall against the dollar since the fourth quarter of 2009, as the People's Bank of China (PBOC) tests the water for two-way trading of the Chinese currency. Traders expect that the PBOC will permit more volatility for the yuan/dollar exchange rate in the second quarter as it takes advantage of China's slowing exports and a rare trade deficit in February to experiment with widening the trading range. "It is now a golden time to test what the market thinks about the yuan's value," said a trader at a major Chinese commercial bank in Shenzhen. "I don't think China will continuously record trade surpluses in coming months." Spot yuan was trading at 6.3103 versus the dollar at the mid-session break, slightly weaker than Thursday's close of 6.3060. The PBOC set its mid-point at 6.2943, weaker than Thursday's 6.2932, its third straight day of weak fixing. Outlook Guidance from the midday exchange rate suggests the yuan is set to drop by 0.26 per cent against the dollar in the first quarter, but traders said there was still a possibility of the currency rising slightly in the afternoon session as the PBOC frequently tweaks the quarter-end exchange rate to make it more politically palatable to trading partners. Traders believe the yuan will remain largely stable in coming weeks, though the PBOC is expected to let the currency move in a wider range around the mid-point. The mid-point fixing is the base rate used by the central bank to flag the government's intentions for the yuan's value, and from which the yuan is allowed rise or fall 0.5 per cent in either direction in the course of a day. In the first half of March, the PBOC let the yuan's mid-point fixing weaken 0.70 per cent against the dollar, its biggest 11-session loss since the China Foreign Exchange Trade System, the domestic market, was set up in 1994. Promoting greater flexibility The PBOC has long hoped to promote greater two-way flexibility in the tightly-controlled yuan/dollar exchange rate, which has appreciated more than 30 per cent since July 2005 when Beijing conducted a landmark revaluation of the currency. But the government finds it difficult to let the yuan pull back significantly without sparking protests from the United States, which continues to press China to allow its currency to appreciate to alleviate trade imbalances. From: Gulfnews

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 yuan declines as china tests 2 way trading Arab Today, arab today yuan declines as china tests 2 way trading

 



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 yuan declines as china tests 2 way trading Arab Today, arab today yuan declines as china tests 2 way trading

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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