The People’s Bank of China announced on the 25th that the yuan’s benchmark value against the dollar will rise in nine trading days, reflecting the economic recovery trend, the difference in interest rates at home and abroad, and the covid-19 trend.
The People’s Bank of China raised the yuan’s benchmark by 0.0080 yuan and 0.12 percent from 1 dollar=6.4744 yuan the previous day.
The benchmark fell for eight consecutive days until the previous day, marking the first low-priced market in a month and a half since early May.
The yuan’s benchmark was 100 yen=5.8381 yuan, up 0.0022 yuan and 0.04% from the previous day (5.8403 yuan).
The yuan was traded at 1 dollar=6.4645-6.4647 yuan and 100 yen=5.8290-5.8291 yuan, respectively, at 9:54 a.m. (GMT+8).
The yuan closed at 1 dollar = 6.4722 yuan and 100 yen = 5.8392 yuan on the night of the 24th.
The People’s Bank of China announced the yuan’s benchmarks for other major currencies at €1=7.72341 yuan, Hong Kong dollar=0.83411 yuan, British pound=9.0113 yuan, Swiss franc=7.0520 yuan, Australian dollar=4.9095 yuan, and Singapore dollar=4.82078, respectively.
Meanwhile, the People’s Bank of China conducted an open market manipulation through reverse redemption conditional bonds transactions on the 25th and supplied 30 billion yuan of liquidity to the market on the 7th.
The net inflow of liquidity is 20 billion yuan, as the reverse report, which expired on the same day, is 10 billion yuan.
This week, the People’s Bank released 50 billion yuan, releasing 90 billion yuan in liquidity and collecting 40 billion yuan.
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