USD/CNY ticks higher on dollar demand ahead of New Year holiday

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The USD/CNY pair ticked moderately higher on Friday as trading desks cited increased demand for foreign currency ahead of the next week’s long Lunar New Year holiday.

    The People's Bank of China set the midpoint rate at 6.5557 per dollar prior today; which is 0.02% firmer than the previous fix of 6.5572.

    The offshore yuan was trading 0.40% weaker than the onshore spot at 6.6059 per dollar.

    IMF demands more clarity

    Chinese officials at the World Economic Forum in Davos, Switzerland last week said the government has no intention to undertake the competitive devaluation of Yuan.

    However, International Monetary Fund Managing Director Christine Lagarde called for more clarity on how Chinese authorities are managing their currency.
    For more information, read our latest forex news.

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