ZCZC
BCN-29
CHINA-FOREIGN-EXCHANGE-RATE
Chinese yuan continues to weakens to 6.4207 against USD Wednesday
BEIJING, May 30, 2018 (BSS/Xinhua) – The central parity rate of the
Chinese yuan weakened against the U.S. dollar for a fifth trading day in a
row Wednesday.
The central parity rate weakened 186 basis points to 6.4207 against the
U.S. dollar Wednesday, according to the China Foreign Exchange Trade System
(CFETS).
The latest decline has brought the yuan-dollar exchange rate to the lowest
level since January.
Analysts said the depreciation was a result of a stronger dollar.
The dollar index, which measures the greenback against six major peers,
increased 0.93 percent from May 22 to May 28. On Tuesday alone, it gained
0.46 percent to 94.848 in late trading.
The strong dollar also pushed down the CFETS RMB Index, which measures the
yuan’s strength relative to a basket of currencies, by 0.25 points to 97.63
last week, the first weekly decline in seven weeks.
However, the recent depreciation may only be a normal correction as the
CFETS index remains at a high level.
Investment bank China International Capital Corporation (CICC) said the
currency is not facing significant depreciation pressure.
Meanwhile, domestic exporters are willing to sell their dollars as they
suffered exchange losses last year from a weak dollar, which will provide
more support for the yuan, said the CICC.
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 U.S. dollar is based on a
weighted average of prices offered by market makers before the opening of the
interbank market each business day.
The following are the central parity rates of the Chinese currency
renminbi, or the yuan, against 24 major currencies announced on Wednesday by
the China Foreign Exchange Trade System:
Currency Unit Central parity rate in yuan
U.S. dollar 100 642.07
Euro 100 740.74
Japanese yen 100 5.9234
Hong Kong dollar 100 81.839
British pound 100 851.01
Australian dollar 100 481.03
New Zealand dollar 100 442.69
Singapore dollar 100 476.95
Swiss franc 100 647.90
Canadian dollar 100 492.90
Malaysian ringgit 62.042 100
Ruble 979.25 100
Rand 197.63 100
Korean won 16,836 100
UAE dirham 57.205 100
Saudi riyal 58.410 100
Hungarian forint 4,330.96 100
Polish zloty 58.522 100
Danish krone 100.46 100
Swedish krona 139.70 100
Norwegian krone 129.14 100
Turkish lira 71.026 100
Mexican peso 308.69 100
Thai baht 499.58 100
The central parity rate of the yuan against the Hong Kong dollar is based
on the central parity rate of the yuan against the U.S. dollar and the
exchange rate of the Hong Kong dollar against the U.S. dollar at 9 a.m. in
international foreign exchange markets on the same business day. The central
parity rates of the yuan against the other 22 currencies are based on the
average prices offered by market makers before the opening of the interbank
foreign exchange market.
BSS/XINHUA/HR/1210