News Column

CNY to USD Exchange Rate Continues Rising

August 19, 2014

BEIJING, August 19, SinoCast -- On August 18, the closing price for exchange rate of CNY to US dollar hit 6.1430, still rising even though the PBOC downgraded middle rate to 6.1548, hiking for five consecutive days. Analysts believed that the increase of exchange rate will end by 6.08.

On August 5, CNY spot rate closed for 6.1708, record high in four and a half months, climbing 77 points from last trading day. Market insiders predicted continuous increase for the figure to surpass 6.17 shortly.

Because investors are bullish on Chinese capital market, foreign currencies exceeding CNY 16 billion flew into A share stock market through RQFII ETF traded in Hong Kong in recent two months. Investment demand in Chinese capital market will further boost CNY exchange rate.

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Source: Sinocast Banking & Credit Beat (China)

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