New | Chinese yuan strengthens after US senators call for stop in IMF SDR review
The Chinese yuan strengthened on Wednesday morning in the spot market, even as two US senators called on the International Monetary Fund to hold off the review to add the renminbi to its reserve currency basket.
The two US senators, New York Democract Charles Schumer and South Carolina Republican Lindsey Graham, wrote a letter to Christine Lagarde, the IMF’s managing director, saying that the institution should hold off including China’s currency in the special drawing rights basket, as they claimed that China should be responsible for the recent cyber attacks on the US.
The onshore yuan gained 1 basis point to 6.2058, while the offshore yuan strengthened 0.01 per cent, or 6 pips, to 6.2111.
The People’s Bank of China weakened the benchmark midpoint rate of Chinese yuan for the second day to 6.1173.
The dollar index added 0.01 per cent to 95.171. The Hong Kong dollar added 0.01 per cent against the greenback to 7.7524.
