News Column

Chinese Yuan Hits 10-day High Against US Dollar

June 8, 2014

BEIJING (Alliance News) - The Chinese yuan firmed against the US dollar on Monday's Asian deals following the release of nation's better-than-expected trade surplus in May.

Data from General Administration of Customs showed over the weekend that China's trade surplus increased to USD35.92 billion in May, from USD18.46 billion in April. Economists were expecting a surplus of USD22.6 billion

Imports declined 1.6% on year in May, while exports rose 7%.

The yuan climbed to 6.2393 against the greenback for the first time since May 30. The next possible upside target for the yuan is seen around the 6.23 area. At last week's close, the pair was valued at 6.2503.

The People Bank of China set today's central parity rate for yuan at 6.1485 per dollar, compared to Friday's reference rate of 6.1623. The central bank sets the reference rate every morning and allows the currency to move upto 2% from that level.

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Source: Alliance News

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