On Monday, the yuan showed the most significant growth in two weeks, reaching 7.1363 per dollar, which is 0.4% higher than the previous day. This increase, the largest since the beginning of August, is due to the weakening of the dollar and expectations of lower interest rates in the United States. However, the yuan lost ground against the resurgent yen, falling 1% to 20.38 yen, which was the strongest drop since August 5. As a result, the yuan fell to 98.07 against a basket of trading partner currencies, the lowest level since January 15. Traders are waiting for the announcement of the base rate on loans in China on Tuesday. The collapse of bank lending, falling housing prices and gloomy economic sentiment, according to analysts, will not allow the currency to grow significantly further. The yield on 10-year Chinese government bonds fell by 1.8 basis points to 2.17%, while the yield on similar benchmark U.S. government debt was 3.9%. The 7-day repo rate for the yuan in the domestic market was 1.74%, and in the futures market, the 3-month yuan was quoted at 7.0695, 722 points higher than the spot rate. Three-month forward contracts on CNH were trading at 7.0682 per dollar. The People's Bank of China has set the average rate around which the yuan can trade in the 2% range at 7.1415 per dollar.
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