Chinese Yuan Soars To 4-month High Against Dollar
October 09 2009 - 12:57AM
RTTF2
Friday in Asia, the Chinese yuan climbed to a 4-month high
against the U.S. dollar as China's stocks rose on the first day of
trading this month, driving the Shanghai Composite Index to its
biggest gain in five weeks, on evidence the global economy is
recovering.
The Shanghai Composite Index is currently up 87.71 points, or
3.2 percent, to 2,867.13, the biggest gain since September 3.
Markets in mainland China open today after an eight-day holiday.
An index of Hong Kong-listed Chinese shares has risen 5 percent
during that period as signs of growth prompted Australia to raise
interest rates and a report showed U.S. service industries
expanded.
During early Asian deals on Friday, the Chinese yuan gained
against the dollar and reached a 4-month high of 6.8250 at 9:40 pm
ET. Although the yuan slipped thereafter, it rebounded shortly and
the pair is currently worth 6.8257. If the Chinese currency
advances further, it may target the 6.822 level.
The Chinese yuan strengthened to 10.0448 against the euro in
early Asian trading on Friday. On the upside, 10.01 is seen as the
next target level for the Chinese currency.
The People's Bank of China has set today's central parity rate
for the dollar-yuan pair at 6.8270 and the euro-yuan pair at
10.0807.
In the upcoming European session, the German final CPI for
September, trade balance for August, French and the Italian
industrial production - both for the month of August are expected
to influence trading.
From the U.S., the trade balance report for August has been
slated for release in the North American session.
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