Yuan heads for weekly gain though more policy easing likely

Yuan heads for weekly gain though more policy easing likely

27 Mar 2020 11:14 AM
 

China's yuan strengthened against the dollar on Friday and is set for its first weekly gain in three weeks, tracking broad weakness in the greenback and a much firmer midpoint fixing.

However, markets have turned their attention to the possibility of more easing measures from Beijing, such as the lowering of deposit rates for the first time in nearly five years to prop up the economy.

Onshore yuan opened at 7.0606 per dollar and was changing hands at 7.0573 at midday, 127 pips stronger than the previous late session close. Currently yuan is trading at 7.0663 per dollar.