SME Times is powered by   
Search News
Just in:   • First YouTube space facility in Middle East region opens in Dubai  • Now, Punjab to recruit MBBS doctors on full pay scale  • Online search for farm-related jobs fell in 2017  • Twitter likely to ban cryptocurrency ads  • US may exempt our steel from tariffs: S. Korea 
Last updated: 17 Feb, 2017  

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

   Top Stories
» Silk sector witnessing steady growth: Minister
» Draft agriculture export policy up in public domain
» WTO ministerial meeting begins Monday
» NITI Aayog releases SATH-Education roadmaps
» Festival of Innovation and Entrepreneurship (FINE) Monday
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 :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 19 Mar, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(26)
» Another MSME portal: will it serve its purpose(5)
» Govt forms committee to study FinTech, financial inclusion of MSMEs(2)
» Collateral free loans available for MSMEs: Minister(2)
» Budget boost to MSMEs(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter