CURRENCY TRADE
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Yuan

China’s PBOC fixes yuan down for first time in nine days

PUBLISHED : Wednesday, 14 October, 2015, 7:49am
UPDATED : Wednesday, 14 October, 2015, 11:07am

The People’s Bank of China set the yuan’s mid-price 177 basis points, or 0.3 per cent, lower on Wednesday to 6.3408 to the US dollar, breaking an 8-day streak where it was fixed higher by the central bank.

The mid-point guide erased gains over the past week. Both the onshore yuan (CNY) and offshore yuan (CNH) traded at their highest point for the week, with CNY hitting 6.3473 against the dollar and CNH traded at 6.3487.

The Singapore dollar strengthened to a weekly high of 1.3939 against the US dollar early Wednesday morning, just before the Monetary Authority of Singapore said it would adopt easing measures to reduce the speed of the currency’s appreciation.

“The rate of appreciation will be reduced slightly. There will be no change to the width of the policy band and the level at which it is centred,” it said.

Sgd/dlr fell marginally to 1.3964.

Yen/dlr rose 13 bps to a weekly high of 119.48. USD/GBP weakened 0.15 per cent to 1.5268; USD/EUR weakened 0.19 per cent to 1.1388.