The offshore yuan edged lower to around 7.24 dollar, influenced by the persistent weakness of the yen. In tandem, the Japanese yen weakened to around 156 per dollar, hitting its lowest point since May 1990, thereby putting downward pressure on other Asian currencies, including the yuan. The Bank of Japan's decision to maintain interest rates at 0-0.1% further contributed to this trend. Moreover, increasing U.S. treasury yields and capital outflows from a lackluster stock market added to the downward pressure on the yuan. Still, the yuan received support from daily benchmark fixings and interventions by state-owned banks aimed at stabilization. Meanwhile, investors are now shifting their focus to China's PMI data scheduled for release next week.
The USDCNY increased 0.0057 or 0.08% to 7.2619 on Friday April 26 from 7.2561 in the previous trading session. Historically, the Chinese Yuan reached an all time high of 8.73 in January of 1994. Chinese Yuan - data, forecasts, historical chart - was last updated on April 26 of 2024.
The USDCNY increased 0.0057 or 0.08% to 7.2619 on Friday April 26 from 7.2561 in the previous trading session. The Chinese Yuan is expected to trade at 7.30 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 7.45 in 12 months time.