Chinese Yuan Trades At Near 5-month High Against U.S. Dollar
August 04 2020 - 11:15PM
RTTF2
The Chinese yuan traded higher against the U.S. dollar in Asian
deals on Wednesday, after reports that the U.S. and China will meet
later this month to discuss compliance with their phase-one trade
deal.
High-level talks between U.S. and Chinese officials will be held
on Aug. 15 to assess Beijing's compliance with the bilateral trade
agreement signed early this year, the Wall Street Journal reported,
citing people briefed on the matter.
The yuan advanced to 6.95 against the greenback, its highest
since March 11. The yuan is seen finding resistance around the 6.8
mark.
The People's Bank of China set today's central parity rate of
the yuan at 6.9752 per dollar, compared to Tuesday's rate of
6.9803. 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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