- November 1, 2022
- Posted by: Stratford Team
- Category: Economy
SHANGHAI, Nov 1 (Reuters) – China’s yuan bounced off a
near 15-year low against the dollar and into the black in late
trade afternoon on Tuesday, amid a broader greenback selloff and
as general investor sentiment improved.
The dollar eased in global trade against most of its major
peers while sharp rebounds in both mainland and Hong Kong stocks
bolstered appetite for the Chinese currency.
The onshore yuan reversed earlier losses in
afternoon spot trade, surging to a high of 7.2577 before trading
at 7.2751 as of 0633 GMT, up about 0.4% on the day.
Earlier in the session, the People’s Bank of China
(PBOC) set the midpoint rate at 7.2081 per dollar,
the lowest since Jan. 24, 2008, or 0.43% weaker than the
previous fix of 7.1768.
Currency traders took the breach of the key 7.2 per dollar
level in the central bank fixing as a sign authorities were
comfortable with further weakness.
As a…
