Continuous non-US currency weakens the Yuan's exchange rate continues to moderate callback
after Monday's rally, Yuan rate against the dollar, and the spot exchange rate slightly for a two-day correction. On February 17, the onshore Yuan spot exchange rate around 6.5250 line a narrow range throughout the day, closing slightly lower 123 basis points.
on Wednesday, announced by the China foreign exchange trading center authorized inter-bank RMB yuan/dollar parity rate at 6.5237 than 6.5130-107 basis points in the prior session, middle price of RMB exchange rate for the second consecutive trading day fall. On the spot market, the Yuan against the dollar spot rate low on 164 basis points in early trading at 6.5300 Yuan throughout the day around 6.5250 range as a whole, up to 16:30 closing at 6.5259 Yuan, down 123 basis points from the previous session, the Yuan period designated for a second day a modest pullback. In addition, 16:30 as of February 17, Beijing time, Hong Kong's offshore market CNH exchange rate against the dollar to 6.5286 Yuan, down 98 basis points from the previous session, and the territory of the spot exchange rate spreads remain at 16 basis points lower.
for the overall performance of the RMB exchange rate on Wednesday, traders said, with the return after the stability of RMB exchange rate expectations, market trend bearish on the currency clearly receded. Nearly two days of continued development of RMB exchange rate a callback, the main factors are following the normal performance of non-us currencies such as euro, the Japanese yen. In the short run, the dollar index to regain strength in the short term situations, the RMB exchange rate is expected to remain a narrow range of operation pattern, callback space is expected to be limited.