China’s PBOC sets yuan’s mid-price higher for 8th straight day

PUBLISHED : Tuesday, 13 October, 2015, 8:32am
UPDATED : Tuesday, 13 October, 2015, 10:41am

The People’s Bank of China set the mid-point fixing for the onshore yuan (CNY) higher on Tuesday at 6.3231 to the US dollar on Tuesday, 175 points stronger than the previous day’s mid-price fix.

This is the eighth straight trading day that the central bank priced the currency higher.

The CNY’s mid-price against other major currencies, including the euro, pound and yen are also firmer today, as the greenback slid after last week’s US jobs data.

“China’s FX market has been rather muted upon its return from its long holiday. The USD has been

very weak following the lower-than-expected US nonfarm payrolls print, causing Fed rate hike expectations to be delayed,” ANZ said in a note.

“What the weaker USD has done is greatly ease the depreciation pressure on the RMB.”

Both the euro and the pound rose to weekly highs earlier this morning. Eur/dlr also edged up 0.04 per cent at 1.1349, after touching a weekly high of 1.1345.

Pound/dlr strengthened 0.21 per cent at 1.5311, after touching a weekly high of 1.5301 earlier in the day. The yen/dlr was traded 0.07 per cent higher at 119.91.