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Montevideo, January 29th 2023 - 06:51 UTC

 

 

China and Asian markets begin to react to new Yuan daily rate-fix policy

Friday, August 14th 2015 - 09:58 UTC
Full article 1 comment
 The Chinese central bank set the rate at 6.3975 Yuan per dollar compared to Thursday's close of 6.3982. The Chinese central bank set the rate at 6.3975 Yuan per dollar compared to Thursday's close of 6.3982.
The benchmark Shanghai Composite traded 0.4% higher at 3,968.93 points and in Hong Kong, the Hang Seng was up by 0.3% to 24,093.40. The benchmark Shanghai Composite traded 0.4% higher at 3,968.93 points and in Hong Kong, the Hang Seng was up by 0.3% to 24,093.40.

Chinese shares rose on Friday as the central bank set the reference rate for the Yuan slightly stronger. The bank set the rate at 6.3975 per dollar compared to Thursday's close of 6.3982.

The rate is set daily and allows a 4% fluctuation - over the past week, the bank had guided the Yuan to a record low sparking fears of a currency war to help lagging Chinese exports.

The benchmark Shanghai Composite traded 0.4% higher at 3,968.93 points.

In Hong Kong, the Hang Seng was up by 0.3% to 24,093.40.

Japanese shares traded flat with the Nikkei 225 index at 20,590.83 points recovering from a drop in earlier trade.

Investors are anticipating Monday's release of Japan's economic growth for the past three months.

In Australia, the S&P/ASX 200 was also unchanged at 5,389.20 points as investors took a cue from Wall Street's flat close and the ongoing uncertainty over the Yuan.

China's currency is important to Australia as it is the main export market for the country's natural resources.

In South Korea, the Kospi index remained closed on Friday as the country will on Saturday mark a national holiday.
 

 

Categories: Economy, International.

Top Comments

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  • ChrisR

    All it means is that China can sell its crap cheaper which means more junk in the market and less resources left on the planet.

    Roll on the Chinese implosion. The EXPLOSION (in the docks) gutted more than 1,000 Chinese made crap cars. So at least that bit was a result.

    Aug 14th, 2015 - 06:09 pm 0
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