Chinese Yuan Firms To 4-day High Against U.S. Dollar
February 16 2020 - 7:43PM
RTTF2
The Chinese yuan strengthened against U.S. dollar in the Asian
session on Monday, as China's central bank pumped liquidity into
market.
The People's Bank of China injected CNY 200 billion via a
one-year Medium-Term Lending Facility on Monday. The rate was
lowered by 10 basis points to 3.15 percent.
The PBoC also injected CNY 100 billion through seven-day reverse
repos at an interest rate of 2.4 percent.
The yuan rose to a 4-day high of 6.9719 against the greenback
from Friday's closing value of 6.9858. Further rally may take the
yuan to a resistance around the 6.8 area.
The People's Bank of China set today's central parity rate of
the yuan at 6.9795 per dollar, compared to Friday's rate of 6.9843.
The Chinese central bank sets central parity rate every morning and
allows the yuan to fluctuate up to 2 percent from that level.
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