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Dollar touches another six-year high in China

Official exchange rate of the yuan cannot exceed margin of 2%

Baku. 17 October. REPORT.AZ/ China's yuan weakened on Monday as the dollar strengthened again, but traders were hesitant to buy greenbacks amid concern the central bank may step in try to halt the Chinese currency's slide. Report informs citing the TASS, global dollar index, a gauge of the dollar's strength, rose, causing China's central bank to weaken the official guidance rate for the yuan to a fresh six-year low.

Notably, People's Bank of China have begun formation of mechanisms in yuan compared to the dollar's exchange rate in August last year. At that time taking into account the positive balance of foreign trade of China and strengthening of yuan against other currencies, it was decided to optimize impact of the method of calculation of the exchange rate of the national currency on market factors.

The official exchange rate of the yuan cannot exceed the margin of 2%. In other words, the maximum rate of the US dollar can be 6.8726 CNY / USD, the minimum 6.6031 CNY/USD.

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