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Friday, April 21, 2017, 14:32

Chinese yuan weakens against US dollars

By Xinhua

BEIJING - The central parity rate of the Chinese currency renminbi, or the yuan, weakened 31 basis points to 6.8823 against the US dollar Friday, according to the China Foreign Exchange Trade System. 

The country's forex regulator stressed on Thursday that pressure from capital flight had eased markedly as firmer economic growth renewed foreign investment and the yuan steered clear of depreciation. 

Pressure from capital flight had eased markedly as firmer economic growth renewed foreign investment

In the first quarter, banks' net forex sales stood at US$40.9 billion, down 67 percent from a year ago, according to the State Administration of Foreign Exchange (SAFE).

Forex reserves also rose in March for the second month to US$3.0091 trillion, the first back-to-back increase since April 2016. In January, reserves slipped below the 3-trillion-dollar mark. 

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

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.

 
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