China’s central bank appears to have underlined its commitment to currency reform by allowing the yuan to set record highs against the dollar despite signs of unexpected weakness in exports.
The yuan hit a second consecutive record intraday high of 6.1011 on Tuesday, after the People’s Bank of China set its mid-point – the center of the currency’s 2 percent daily trading band – at an all-time peak the previous day.
The currency moves came hot on the heels of official data showing Chinese exports slid in September by 0.3 percent from a year earlier.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.