Chinese yuan continues to climb against USD.


BEIJING, Aug. 30, 2017 (Xinhua)

The Chinese currency on Wednesday continued to climb against the U.S. dollar on the back of a firming economy and a weaker dollar.

The central parity rate of the Chinese currency, the renminbi or the yuan, strengthened 191 basis points to 6.6102 against the U.S. dollar Wednesday, according to the China Foreign Exchange Trade System.

The adjustment came after a rise of 60 basis points Tuesday, reaching the highest level since August last year.

Insiders said the yuan's rally was supported by the sound fundamental backdrop of the Chinese economy. China's economy expanded 6.9 percent in the first half, well above the target of around 6.5 percent for the year.

Reform of the "central parity system" also helped improve market expectations, they said.

More than two years after China changed its "central parity system" to let the market play a bigger role in exchange rate formation on Aug. 11, 2015, China's currency stands tall against the U.S. dollar with stabilized market expectations.

The Chinese yuan will continue its momentum given a slew of positive economic indicators in coming months that will inject fresh impetus to the economy, according to Sheng Songcheng with the central bank.

 

Source: Xinhua

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