Yuan stronger against greenback

Business | 5 Dec 2018 1:07 pm

The central parity rate of the Chinese yuan strengthened for a second day against the U.S. dollar on Wednesday to the strongest level since September 25, Xinhua reports.

The yuan's central parity rate advanced 463 basis points to 6.8476 against the dollar, following a strengthening of 492 basis points on Tuesday, according to the China Foreign Exchange Trade System.

With signs of ebbing external risks, foreign exchange market sentiment has been boosted and the yuan is unlikely to depreciate beyond the 7-yuan-per-dollar mark within the year, the Xinhua-run China Securities Journal cited market insiders as saying.

Currently, the yuan's exchange rate is showing greater flexibility in two-way fluctuation, with exchange rate expectation staying generally stable, China's central bank governor Yi Gang said in an article.

"The yuan's exchange rate remains generally stable at a reasonable level near its equilibrium," Yi said.

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.

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