Yuan extends gains to 27-month high on PBOC guidance, upbeat data

Yuan extends gains to 27-month high on PBOC guidance, upbeat data

21 Oct 2020 11:14 AM
 

The yuan advanced further to a more than 27-month high against the dollar on Wednesday, led by firmer central bank guidance and recent data showing a sustained recovery in the world's second-largest economy.

Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate at 6.6781 per dollar, 149 pips or 0.22% firmer than the previous fix of 6.6930 and the strongest guidance since July 16, 2018.

The onshore yuan opened at 6.6699 per dollar and was changing hands at 6.6549 at midday, its strongest since July 13, 2018, and 221 pips firmer than the previous late session close.

Official data released this week showed China's economic recovery accelerated in the third quarter as consumers shook off their coronavirus caution.