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The Chinese yuan is expecting the biggest quarterly increase in 10 years

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rocky
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The Chinese yuan is expecting the biggest quarterly increase in 10 years

Post by rocky on Fri 30 Mar 2018, 6:38 am


The Chinese yuan is expecting the biggest quarterly increase in 10 years

12:01 - 30/03/2018
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The Chinese yuan is heading towards the biggest quarterly increase against the dollar in 10 years, supported by capital inflows boosted by US trading, according to Reuters.
The yuan rose against the dollar on Friday, March 30, from 6.2870 yuan to the dollar at the beginning of the day, reaching 6.2695 per dollar during trading.
Reuters expected the Chinese yuan to hit the highest close since August 2015, if it does not see a sharp decline during the session, noting that it will achieve quarterly gains for the fifth consecutive time, after rising by 3.7 percent in the quarter ended in March.
This will be the biggest gain the Chinese yuan has achieved since 2008, with growing signs of China's economic stability and foreign demand for Chinese assets.
China's top five banks expected the situation to continue to improve this year, given strong performance, announced Thursday evening (March 29th).
The Thomson Reuters index, which tracks the yuan in foreign markets against a basket of currencies, rose to 97.9 to 97.78 the previous day, while the global index of the dollar fell to 90.012 compared to the previous close at 90.151. Ended / 25


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