SHANGHAI: China's yuan edged up against dollar on Thursday, buoyed by a strong midpoint fixing by the central bank and continuing an appreciation trend that started in late September.
The currency hit the seven-month high at 6.1209 per dollar in early trade but trimmed some gains by midday after the central bank posted September credit data.
The People's Bank of China set its midpoint rate up 0.1 percent at 6.1395 per dollar in response to a 0.8 percent weakening of the dollar index in global markets overnight.
That was the Chinese official rate's strongest level since mid-March when the central bank doubled the yuan/dollar trading band to 2 percent.
The spot market opened at 6.1259 per dollar, and was changing hands at 6.1240 by midday, 0.03 percent firmer than the previous close.
Chinese banks made 857.2 billion yuan worth of new loans in September, data showed on Thursday, beating market expectations in a sign that demand for credit may be picking up.
But overall credit data last month remained lacklustre, a sign of a lingering growth slowdown in the world's second-largest economy, traders said.
Comments
Comments are closed for this article.