USD/CNY: Yuan rebounds on stronger Yuan fix, upbeat China trade
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The Chinese currency staged a solid recovery and now trades better bid versus its US counterpart, after yesterday’s USD/CNY rally amid reports that the Chinese forex reserves dropped to the lowest levels since March 2011.
The Yuan firmed today per dollar on the back of a stronger Yuan fix and limited demand for the US currency by the corporate world. Moreover, upbeat Chinese trade data also provided some support to the local currency.. China's Nov trade data (CNY terms): Below estimates, but both exports & imports jump
The PBOC set the yuan reference point against the US dollar at 6.8731, 77 basis points or 0.12% stronger than Wednesday’s fix of 6.8808.
Meanwhile, the USD/CNY pair traded almost flat at 6.8797 at mid-day, 9 basis points lower than previous close.
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