ises 脿 jour – comme vous le savez, les prix – que la baisse se rapproche.
The People's Bank of China (PBC), the country's central bank Carl Nassib Jersey , strengthened on Friday the central parity rate of the Chinese yuan against the US dollar to its highest level since the start of this year following an euro surge.
The central bank set the yuan's central parity rate to 6.4905 per dollar on Friday, its strongest fixing level so far this year. Given Thursday's reference rate of 6.5127, the increase was also the biggest adjustment by the PBC since November 2015.
The central parity rate is a form of guidance, which decides the daily fluctuation range of the spot yuan as the central bank allows the yuan to move 2 percent on either side from the official fixed rate in the spot market.
On Friday, the yuan's spot exchange rate gained 0.27 percent to close at 6.4985 versus the dollar in the onshore market, marking the strongest fixing since February 15.
Experts attributed the PBC move to the euro's surge and the dollar's slump.
The euro reversed its losses to jump as much as 2 percent overnight Emmanuel Ogbah Jersey , with the US dollar index, which measures the greenback against six other currencies, down by about 1.1 percent.
"Unlike in the past when the yuan rate was pegged against the US dollar, the PBC is now pursuing to keep the yuan's effective rate stable against a basket of currencies," Zhou Yu, director of the Research Center of International Finance at the Shanghai Academy of Social Sciences Corey Coleman Jersey , told the Global Times. "So if the dollar weakens and the euro strengthens, the central bank will set the yuan higher."
"Today's adjustment could also be aimed at stabilizing exchange rate expectations, which may curb speculative trades in the market," Zhou said.
But he also noted that the yuan's effective rate has been appreciating in recent months, which may have a negative impact on China's exports.
In February, China's exports slumped 25.4 percent year-on-year in dollar-denominated terms Zane Gonzalez Jersey , data released by the General Administration of Customs showed.
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27.05.2019 08:24
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