News Column

Chinese Yuan At Near 6-week High Against US Dollar

July 27, 2014

BEIJING (Alliance News) - The Chinese yuan firmed against the US dollar on Monday's Asian deals, after data showed that nation's industrial profits climbed in June.

A report from the National Bureau of Statistics showed that China's industrial profits rose 17.9% year-over-year in June, following the 9% increase in May.

The yuan climbed to 6.1865 against the greenback, a level untouched since June 17. If the yuan extends gain, 6.18 is seen as its next possible upside target level. The pair was quoted at 6.1918 at last week's close.

The People's Bank of China set today's central parity rate for the yuan at 6.1622 per dollar, compared to Friday's reference rate of 6.1597. The Chinese central bank sets the central parity rate every morning and allows the currency to move upto 1% from that level.

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Source: Alliance News

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