The Chinese yuan retreated from a 27-month high on Thursday as a weaker-than-expected official fixing and the approval of fresh outbound investment quotas suggested authorities have become increasingly wary over the recent rapid gains in the currency.
The onshore yuan has rallied more than 6% on the dollar since late May, stoking market speculation that Beijing would roll out policy measures soon to tamp down the surge as a too-strong currency could hurt Chinese exporters.
Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate at 6.6556 per dollar, 225 pips, or 0.34%, firmer than the previous fix of 6.6781, and marked the strongest guidance rate since July 11, 2018.
In the spot market, the onshore yuan opened at 6.6503 per dollar and was changing hands at 6.6669 at midday, 167 pips weaker than the previous late session close.
04 Dec 2020 04:48 PM
India's benchmark stock index retreated to close above 45,000 points for the first time ever as the RBI upgraded its GDP target for the current fiscal year and kept interest rates steady amid high inflation.
04 Dec 2020 03:57 PM
Indian rupee stayed higher tracking uptick in regional peers
04 Dec 2020 11:51 AM
Indian equities touched record highs after the RBI kept interest rates steady due to high inflation, and retained its accommodative monetary policy stance
04 Dec 2020 11:35 AM
Yuan rose to a fresh 2 1/2-year high against a weakening dollar, despite fresh signs of tension between the US and Chinese economy.
04 Dec 2020 11:01 AM
Gold prices strengthened and are on track for their first weekly gain in a month, as growing optimism over a U.S. fiscal stimulus deal pressured the dollar and boosted Gold appeal as an inflation hedge.
04 Dec 2020 10:44 AM
Indian rupee was trading at 73.73/73.74 compared to 73.90/ 73.91 in the previous session, as the Dollar Index continued to decline in anticipation of the U.S. monthly non-farm payrolls report.