The People’s Bank of China on the 21st announced an appreciation of the yuan’s benchmark value against the dollar in consideration of the economic recovery trend, internal and external interest rate differences, and the Covid-19 trend.
The People’s Bank of China raised the yuan’s benchmark value by 0.0164 yuan and 0.25 percent from 1 dollar=6.4464 yuan the previous day.
The yuan’s benchmark value against the yen was 100 yen = 5.9075 yuan, down 0.0067 yuan or 0.11 percent from the previous day (5.9008 yuan). It depreciated for four consecutive trading days.
In the Shanghai foreign exchange market, the yuan traded at 11:35 a.m. (GMT+8) at 1 dollar = 6.4336 to 6.4340 yuan and 100 yen = 5.9103 to 5.9107 yuan, respectively.
Earlier on the night of the 20th, the yuan recorded 1 dollar = 6.4355 yuan and 100 yen = 5.9109 yuan, respectively.
The People’s Bank of China announced the yuan’s benchmark value in other major currencies: 1 euro = 7.8615 yuan, 1 Hong Kong = 0.82834 yuan, 1 British pound = 9.1204 yuan, 1 Swiss franc = 7.1641 yuan, 1 Australian = 4.9945 yuan, 1 Singapore = 4.8322 yuan and 1 yuan 175.34 won, respectively.
Meanwhile, the People’s Bank of China conducted an open market manipulation through reverse repurchase transactions on Monday, supplying 10 billion yuan of liquidity to the market.
However, there is no net injection of liquidity because the reverse report, which expired on the day, is 10 billion yuan. The People’s Bank absorbed 10 billion yuan of liquidity this week.
