Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Forex - Yuan Rises; Strong Daily Fix, Chinese Government Support in Focus

Forex Jun 10, 2019 11:39PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
USD/JPY
-0.46%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AUD/USD
+0.21%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NZD/USD
+0.39%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
USD/CNY
+0.05%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DX
-0.12%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com - The Chinese yuan rose against the U.S. dollar on Tuesday in Asia as China set the currency’s daily fix at a stronger-than-expected rate. Reports of funding support from the Chinese government were also in focus.

The USD/CNY pair was down 0.2% to 6.9149 by 11:15 PM ET (03:15 GMT).

The People’s Bank of China set its reference rate at 6.8930 per dollar, higher than the expected 6.9089.

The central bank also said it plans to sell bills in Hong Kong later this month, a move that will drain liquidity and support the currency.

The gains in the currency also came after state-owned news agency Xinhua cited a cabinet document and said local governments should use proceeds from special bonds to invest in major projects including highways, gas and power supply and railways.

That would help “increase effective investment, improve economic structure, stabilise aggregate demand and maintain sustained and healthy economic development”, Xinhua said.

“On the basis of increasing the size of special bonds by a big margin, we should strengthen macro-policy coordination and maintain reasonable and sufficient market liquidity.”

Traders will be closely monitoring an expected meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit in Japan later this month.

On Monday, Trump threatened that Washington would slap more tariffs on Chinese goods if his Chinese counter Xi Jinping does not attend the upcoming G-20 meeting.

The safe-haven yen was down 0.1% against the dollar as risk sentiment was boosted after the U.S. and Mexico struck a migration deal late last week to avert a tariff war.

The U.S. dollar index that tracks the greenback against a basket of other currencies was little changed at 96.743.

The AUD/USD and the NZD/USD pair both slipped 0.1%.

Forex - Yuan Rises; Strong Daily Fix, Chinese Government Support in Focus
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email