The yuan pulled back from a four-month high against the dollar on Friday as China's stock market rally ran out of steam, but the currency remains on course for its strongest weekly performance since at least January.
By midday, spot yuan was changing hands at 7.0037 per dollar, 113 pips weaker than the late session close. That was despite the People's Bank of China (PBOC) setting the midpoint of its daily trading band at 6.9943 per dollar, the strongest since March 12.
The currency weakened past the closely watched 7-per-dollar level it had breached a day earlier on the way to its strongest close since March.
The yuan has gained around 0.8% this week, powered by strong foreign investment flows into China's stock market, with investors chasing an officially sanctioned bull market that has driven the country's benchmark index to five-year highs.
That rally paused on Friday, with the Shanghai Composite index 1.05% lower by midday.
03 Aug 2020 02:32 PM
The Indian rupee logged its worst day against the U.S currency in three weeks, weighed down by a rebound in the dollar index and weak local shares.
03 Aug 2020 11:44 AM
Indian shares fell for the fourth straight session on Monday as banking stocks tumbled on mixed expectations for an upcoming interest rate decision, while surging domestic coronavirus cases also dented sentiment.
03 Aug 2020 11:18 AM
The yuan was steady on Monday after booking its best month in nine in July, as investors kept a wary eye over tensions between Beijing and Washington and the fate of popular short-video app TikTok's U.S. operations.
03 Aug 2020 10:44 AM
Gold prices surged to an all-time high on Monday as fears over an economic fallout from rising COVID-19 cases boosted demand for the safe-haven metal, although gains were capped by an uptick in the U.S. dollar.
03 Aug 2020 10:34 AM
The Indian rupee was at 74.91/74.92 to a dollar, against 74.81/74.82 in the previous session
03 Aug 2020 09:47 AM
Oil prices fell on Monday on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull back from production cuts in August while an increase in COVID-19 cases worldwide raised fears of a slower pick-up in fuel demand.