Yuan attains four-week high as China signals support, revives X-factor for fixing

Business

China’s yuan finished Monday afternoon trade at a near 4-week high to the dollar after the central bank revived a “counter-cyclical factor” in its daily fixing to support the currency, halting a record 10-week slide that rattled global markets and irritated Washington.
The announcement was seen as the latest signal from the People’s Bank of China (PBOC) that is not comfortable with further depreciation in the yuan which could spark capital outflows from the cooling economy.
The move late on Friday came a day after the latest Sino-U.S. talks aimed at resolving the trade dispute ended with little progress, with tougher U.S. measures expected to kick in next month that could add more pressure on the Chinese currency.
President Donald Trump, in an interview with Reuters last week, had accused China of manipulating its currency to help cushion the blow from U.S. tariffs on Chinese imports.
Monday’s domestic closing price was the strongest since Aug. 1. Spot yuan CNY=CFXSopened onshore trade at 6.8080 per dollar and closed domestic trade, at 0830 GMT, at 6.8171, or 19 pips firmer than the previous late night session close.

 

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