Chinese Yuan Weakens to 6.2923 Friday-Shanghai Metals Market

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Chinese Yuan Weakens to 6.2923 Friday

Industry News 10:51:25AM Dec 14, 2012 Source:SMM

BEIJING, Dec. 14 -- The Chinese currency Renminbi, or yuan, retreated by 36 basis points to 6.2923 against the U.S. dollar on Friday, according to the China Foreign Exchange Trading System.

The increase marked a rise for three trading days, as the market expected the U.S. Federal Reserve to expand its bond purchase plan, which will affect the demand for the greenback.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.

 

Chinese Yuan Weakens to 6.2923 Friday

Industry News 10:51:25AM Dec 14, 2012 Source:SMM

BEIJING, Dec. 14 -- The Chinese currency Renminbi, or yuan, retreated by 36 basis points to 6.2923 against the U.S. dollar on Friday, according to the China Foreign Exchange Trading System.

The increase marked a rise for three trading days, as the market expected the U.S. Federal Reserve to expand its bond purchase plan, which will affect the demand for the greenback.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.