Chinese Yuan Appreciates To 3-year High Against U.S. Dollar
2021年5月31日 - 11:45AM
RTTF2
The Chinese yuan firmed against the U.S. dollar in Asian deals
on Monday, despite verbal warnings from Chinese officials that the
domestic currency's rise may be overvalued and unsustainable.
Sheng Songcheng, former director of the Survey and Statistics
Department at PBOC, said that the current rapid appreciation of the
yuan against the dollar may have overshot.
China should prevent huge short-term inflows, which could lift
the yuan, hurt competitiveness of exporters and affect independent
operations of the country's financial market and monetary policy,
Sheng added.
The currency's gains come in the wake of a strong economic
recovery from the pandemic and huge short-term inflows into the
nation's financial market.
Survey from the National Bureau of Statistics showed that
China's manufacturing sector continued to expand in May, albeit at
a slower pace, with a manufacturing PMI score of 51.0.
That was shy of expectations for 51.1, which would have been
unchanged from the April reading. It does, however, remain well
above the boom-or-bust line of 50 that separates expansion from
contraction.
The bureau also said its non-manufacturing PMI came in with a
score of 55.2, beating forecasts for 54.9, which would have been
unchanged from the previous month's reading.
The yuan rose to 6.3580 against the greenback, a level unseen
since May 2018. The pair had ended last week's deals at 6.3674. The
next possible resistance for the yuan is seen around the 6.2
level.
The People's Bank of China set today's central parity rate of
the yuan at 6.3682 per dollar, compared to Friday's rate of 6.3858.
The Chinese central bank sets central parity rate every morning and
allows the yuan to fluctuate up to 2 percent from that level.
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