Yuan loses nearly 7% vs. USD in 2016

Dhwani Mehta FXStreet

The Chinese currency extends its upbeat momentum versus the greenback for the second straight session this Friday, which happens to be the last trading day of this year.

The USD/CNY cross extends to the downside in response to diminishing demand for the US dollar from the corporates, while reports of the Chinese state banks selling dollars also hurt the sentiment around the cross.

Moreover, the Yuan also strengthened further after the Chinese central bank fixed a much stronger midpoint. The PBOC set the USD/CNY reference rate at 6.9370, when compared to Thursday’s fix of 6.9497.

Meanwhile, the USD/CNY pair trades -0.09% lower at 6.9495 at mid-day, headed for the biggest annual gain since 1994. The yuan is seen losing nearly 7% against the dollar in 2016.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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