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Market Extra: Here’s how dollar fundamentals may have driven the new yuan fix [MarketWatch]

BANK of NEW YORK MELLON (BK)  More Company Research Source: MarketWatch
Last bank of new york mellon earnings: 7/19 06:30 am Check Earnings Report
PDF Here’s how dollar fundamentals may have driven the new yuan fix China’s yuan surged to its highest level in 2½ years early Tuesday, but amid possible reasons such as trade war fears and technicals, it may have been anticipated dollar weakness that led to the move. On Tuesday, the People’s Bank of China set the yuan’s exchange rate at its highest level—6.2816 yuan per dollar USDCNY, -0.0080% USDCNH, +0.0112% —since August 2015, when the foreign exchange fix had its biggest drop since the current system’s inception . The currency pairs can trade within a 2% range around the reference rate. It is traded in an onshore and offshore form, with the latter moving somewhat more freely. One dollar last bought 6.2831 onshore yuan, and 6.2704 offshore yuan. Read: China’s PBOC guides yuan to highest level since devaluation Market participants were fishing for reasons in a week that had plenty of news for Chinese assets, which could have led to more flows in its currency and pushed it hig [Read more]

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