Chinese Yuan Rises To 2-day High Against U.S. Dollar Amid Forex Intervention
October 25 2022 - 11:10PM
RTTF2
The Chinese yuan recovered against the U.S. dollar in the Asian
session on Wednesday, following reports of intervention in the
foreign exchange market.
Major Chinese state-owned banks reportedly sold U.S. dollars in
the previous session, as the currency touched a 15-year low on
Tuesday.
The People's Bank of China and the State Administration of
Foreign Exchange said they would stabilise the yuan at a reasonable
and balanced level.
The yuan advanced to a 2-day high of 7.2603 against the
greenback, from a 15-year low of 7.3090 it touched on Tuesday. If
the yuan firms further, 6.9 is likely seen as its next resistance
level.
The PBOC set the central parity rate at 7.1638 per dollar,
compared to yesterday's reference rate of 7.1668. The central sets
the central parity rate every morning and allows the currency to
fluctuate upto 2 percent from that level.
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