SME Times is powered by   
Search News
Just in:   • Corporate India cuts gifting budget by 35-40 pc this Diwali  • Sell-off in banking stocks drag equity indices lower  • Reformative measures like GST will improve economy: Naidu  • Maruti's Dzire achieves 'fastest 1-lakh sales' mark  • Goodricke Group acquires Godfrey Phillips' tea business 
Last updated: 17 Feb, 2017  

China.9.Thmb.jpg China's yuan rises to 3-week high

China.9.jpg
   Top Stories
» Corporate India cuts gifting budget by 35-40 pc this Diwali
» Reformative measures like GST will improve economy: Naidu
» North East Small Finance Bank commences operations: RBI
» Dhanteras witnesses good sale; No impact of note ban, GST
» PCs, gadgets shipment to exceed 2.35 bn in 2018
SME Times News Bureau | 17 Feb, 2017
The Chinese yuan rose to three-week high against the US dollar on Friday.

The central parity rate of the yuan strengthened 173 basis points to 6.8456 against the US dollar, edging up for the fourth consecutive day, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day, Xinhua news agency reported.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Zhu Jun, head of the international department at the central bank, dismissed the likelihood of substantial adjustment of the yuan.

Zhu said that the yuan had fallen around 13 per cent against the US dollar compared with its high point, which was already a significant drop, and that the country's healthy international balance of payments would support the yuan's strength.

Overnight, the US dollar traded lower against most major currencies amid uncertainties over the timing of Federal Reserve's next rate-hike.

The dollar index, which measures the greenback against six major peers, was down 0.67 per cent to 100.5 in late trading.

At her testimony before the Congress on Wednesday, Fed Chair Janet Yellen signalled more than two rate-hikes this year as the US economy continued to make progress toward the maximum employment and price stability objectives.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.95
64.30
UK Pound
87.75
84.85
Euro
77.85
75.20
Japanese Yen 58.75 56.80
As on 19 Oct, 2017
  Daily Poll
Small traders even below the threshold limit too should register under GST system?
 Yes
 No
 Can't Say
  Commented Stories
» Starting an import export business: Basic guide for beginners(20)
» Exposed: Banks behind unfairly high cost of credit(3)
» GST revamp: Relief to exporters, SMEs(3)
» 'GST relaxations advanced Diwali celebrations'(1)
» To grow business online SMEs must embrace technology, start with small: VP & MD, GoDaddy India(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter