HomeEconomyChina's offshore yuan strengthens against U.S. dollar, hits record low Economy China's offshore yuan strengthens against U.S. dollar, hits record low By farahat September 28, 2022 0 107 views Share FacebookTwitterPinterestWhatsApp Dollar /CNY +0.% Add to Watchlist/Remove from Watchlist Add to Watchlist Add Location Job added successfully: Please name your portfolio type: purchase Sell date: quantity: price Integral value: Leverage: 1:1 1: 1: 1: 1: 1: 1: 1: 18 1 : 200 Committee members: 961728 961728 CREATE NEW WATCH LIST CREATE 2240 2302 Create a new Holding Portfolio Add Create 23492349 + Add another position to close USD/CNH +0.% 2286 Add to Watchlist/Remove from Watchlist Add to watch list Add Location Job added successfully: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1:1: 1: Shanghai (Reuters) – 2011 The Chinese yuan traded lower against the dollar in early trade on Wednesday, with its offshore trade falling to a record low on expectations of further rate hikes by the Federal Reserve pressure. China’s2240 Offshore RMB fell to 7. 200,since Lowest level since such data was provided . It’s trading at 7.500 per dollar as of 10 GMT. and its onshore counterparts followed, falling to a low of 7. 200 USD/USD in early trade at lowest level since global financial crisis . It’s trading at 7.400About54 GMT, compared to the previous late night close of 7pm. . A foreign bank trader said: “All non-dollar currencies plummeted in early trading, and the renminbi could not escape.” Several foreign exchange traders also said the company was buying dollars on Wednesday Very strong, putting additional pressure on the renminbi. Before the market opens, the People’s Bank of China (PBOC) set the central parity at 7.25 per dollar, 25 points or 0.% weaker than the previous fix of 7. 54. Although the People’s Bank of China announced new measures on Monday to slow the pace of the yuan’s recent decline by raising the cost of shorting the yuan, But the yuan still fell. Earlier this month, the People’s Bank of China also cut the foreign exchange reserves that financial institutions must hold, a move that also seen as aimed at slowing the devaluation of the yuan. A second trader at a Chinese bank said the authorities’ efforts to contain the yuan’s weakness had limited effect. Late Tuesday, a source told China’s monetary authorities are asking local banks to revive the yuan fixing tool abandoned two years ago as they seek to guide and defend the currency’s rapid weakening, Reuters. The dollar’s strength came as the U.S. central bank raised interest rates by three-quarters of a percentage point for the third time in a row last week and signaled that borrowing costs this year would fall continue to rise. 200 Share FacebookTwitterPinterestWhatsApp Previous articleCaleb McLaughlin reflects on racism he faced from 'Stranger Things' fansNext articleAsian markets weighed down by recession risks and stronger dollar farahat RELATED ARTICLES Economy McCarthy praises U.S. debt ceiling deal, House conservatives divided June 4, 2023 Economy Airlines say prepared to avoid repeat of summer travel chaos June 4, 2023 Economy Airline body urges jet makers to address plane delivery delays June 4, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. USA Trends Messi-mad Indian mom driving to Qatar to see hero in his final World Cup December 7, 2022 Drew Brees fakes lightning strike in promotional stunt for online sportsbook December 3, 2022 Who could be speaker, if not Kevin McCarthy December 3, 2022 3 bold Utah football predictions for Pac-12 Championship vs. USC December 3, 2022 Load more LAST NEWS McCarthy praises U.S. debt ceiling deal, House conservatives divided June 4, 2023 'Sex and the City' star Evan Handler says Kim Cattrall's 'This Is It' cameo was 'great' June 4, 2023 Feinberg's predictions: Which TV movies look strongest in the Emmy race June 4, 2023 Tozo Golden X1 Review June 4, 2023 Load more Featured NEWS Sixers vs. Celtics Game 1: Scores, Joel Embiid injured, predictions, NBA playoffs update May 2, 2023 Survivor 12 months 43 Gambling Examine With Shed And you can Forecast May 6, 2022 SVB collapse puts Fed’s faith in a strong, low-risk financial system to the test March 13, 2023 Novel gene Tx shows early promise in BCG-responsive bladder cancer March 25, 2023 Load more
