The yuan population decreased the 7th consecutive week; Dollar mitigated
Today, Yuan has weakened, noted the reduction in the 7th consecutive week, the most lasting reduction since 2015. Meanwhile, the US dollar is also mitigated on Friday.
The USD/CNY rate rose 0.14% to 6.8030 at 12:40 AM ET (04:40 GMT). The Chinese yuan has fallen by nearly 6% since the beginning of April 6 when investors are concerned that the authorities will not interfere deeply to prevent the decline of the yuan population when there is no sign of short-term trading.
Some analysts believe that Chinese authorities may prefer the weakened yuan to offset the impact of trade war on the United States.
The decline of the yuan population on a weighted commercial basis would compensate for the decrease in China's growth after two tariff imposed by the United States, the Goldman Sachs group (NYSE: GS) said.
"Investors understand that the People's Bank of China has no plans to intervene and is accustomed to the higher two-dimensional volatility," said Ken Cheung, the Asian currency strategist at Mizuho Bank LTD.
Meanwhile, the US dollar index, which tracked the dollar against other currency baskets, also fell 0.06% to 94.51 before the quarterly GDP report at the end of the day. US President Donald Trump has presented this week for his dissatisfaction on the power of the coin.
The USD/JPY rate increased by 0.13% in the backdrop that the Bank of Japan may soon return to its monetary stimulus program.
The AUD/USD rate rose 0.12% to 0.7387.
The USD/CNY rate rose 0.14% to 6.8030 at 12:40 AM ET (04:40 GMT). The Chinese yuan has fallen by nearly 6% since the beginning of April 6 when investors are concerned that the authorities will not interfere deeply to prevent the decline of the yuan population when there is no sign of short-term trading.
Some analysts believe that Chinese authorities may prefer the weakened yuan to offset the impact of trade war on the United States.
The decline of the yuan population on a weighted commercial basis would compensate for the decrease in China's growth after two tariff imposed by the United States, the Goldman Sachs group (NYSE: GS) said.
"Investors understand that the People's Bank of China has no plans to intervene and is accustomed to the higher two-dimensional volatility," said Ken Cheung, the Asian currency strategist at Mizuho Bank LTD.
Meanwhile, the US dollar index, which tracked the dollar against other currency baskets, also fell 0.06% to 94.51 before the quarterly GDP report at the end of the day. US President Donald Trump has presented this week for his dissatisfaction on the power of the coin.
The USD/JPY rate increased by 0.13% in the backdrop that the Bank of Japan may soon return to its monetary stimulus program.
The AUD/USD rate rose 0.12% to 0.7387.
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