Chinese yuan continues to weaken against USD

Updated 2018-03-01 13:40:01 Xinhua

The central parity rate of the Chinese currency renminbi, or the yuan, continued to weaken against the U.S. dollar Thursday.

The central parity rate weakened 58 basis points to 6.3352 against the U.S. dollar, according to the China Foreign Exchange Trade System (CFETS).

It followed a weakening of 148 basis points on Wednesday as Federal Reserve Chair Jerome Powell's remarks lifted the greenback.

The dollar strength came after Powell, in his first Congress testimony, said that despite recent volatility of the financial market, Fed governors still plan on raising rates several times in 2018.

Analysts said Powell's hawkish comments bolstered market speculation for as many as three rate-hikes later this year.

Before Wednesday, the yuan had strengthened against the dollar for three trading days in a row.

Despite the latest weakening, the CFETS RMB Index, which measures the yuan's strength relative to a basket of currencies, came in at 96.44 at the end of February, up 0.65 percent from a month earlier.

The index compares the yuan to the value of 24 currencies, including the U.S. dollar, euro and Japanese yen.

In February, an index that measures the yuan against the Bank for International Settlements currency basket went up 2.3 percent to 98.98, while against the Special Drawing Rights basket it strengthened 0.64 percent to 97.56, according to the CFETS.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58September 22 2018 07:06:11

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16September 22 2018 07:06:11

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18September 22 2018 07:06:11

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords