The Chinese yuan is rising against the US dollar, prompting the nation’s central bank to purchase USD.
The yuan rose 0.2% against USD earlier this week to 6.9964 yuan per US dollar, forcing the People’s Bank of China to take action, reports Bloomberg.
Sources familiar with the matter who wish to remain anonymous say that Chinese banks have been seen purchasing greenbacks at a high rate at about 7.0067 yuan per dollar, though no specific details were mentioned.
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According to the report, the Chinese yuan is heading toward the best year in the last five years against the US dollar as the nation has strengthened its currency.
As stated by Golden Credit Rating International Co chief macro analyst Wang Qing in the report,
“The
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