SME Times is powered by   
Search News
Just in:   • Two major international jewellery shows to open next week  • H-1B visa: IT sector woes  • Fresh buying support lifts equities, end in green  • Satya Nadella meets IT Minister Prasad  • Maruti Suzuki's hybrid vehicles' sales soar 
Last updated: 17 Feb, 2017  

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

China.9.jpg
   Top Stories
» RBI tells banks to go digital to serve MSMEs better
» Ministries ink MoU for welfare of artisans in SC category
» India offers to share telecom expertise with ASEAN
» Cash withdrawal weekly limit goes up to Rs 50,000
» GST Council has cleared draft compensation law: FM
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
67.85
66.15
UK Pound
85.00
82.05
Euro
72.45
69.95
Japanese Yen 59.85 57.90
As on 22 Feb, 2017
  Daily Poll
Will Budget 2017 help push MSME sector growth
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(12)
» Temptation of protectionism(9)
» Govt mulls 'Online Udyog Aadhaar Form' to ease SME registration(4)
» 'Digital lending marketplace can help SMEs to get easier and cheaper loan'(2)
» PMEGP to assist entrepreneurs financially: Dinesh Rai(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter