China’s yuan firms, set for eighth week of gains

SHANGHAI, Sept 18 (Reuters)China’s yuan firmed on Friday, resuming its march higher against the dollar and putting it on course for an eighth straight week of gains after weak U.S. data pulled the greenback lower.

As of midday Friday, the yuan was up more than 1.3% for the week, set for its strongest weekly gain against the dollar since January 2019 and its longest weekly winning streak against the greenback since early 2018.

Friday’s rise came after the People’s Bank of China (PBOC) set its midpoint for the yuan’s daily trading band CNY=PBOC at 6.7591 per dollar, its firmest level since May 6, 2019.

Spot yuan CNY=CFXS opened at 6.7530 per dollar and was changing hands at 6.7560 at midday, 82 pips stronger than Thursday’s late session close.

The offshore yuan CNH=D3 firmed to 6.752 per dollar by midday.

While the yuan may consolidate gains after its rapid

Read More