China sets yuan mid-pt lower after U.S. House bill

Wed Sep 29, 2010 9:23pm EDT

 SHANGHAI, Sept 30 (Reuters) - The People's Bank of China
unexpectedly fixed the yuan's daily mid-point CNY=SAEC versus
the dollar at a lower level on Thursday in an apparent expression
of unhappiness over U.S. pressure on China to let the yuan rise.
 The U.S. House of Representatives stepped up pressure on
China to let its currency rise faster, passing a bill on
Wednesday that could penalise Chinese goods, as lawmakers blamed
it for lost jobs in America. [ID:nN28172488]
 Ahead of the U.S. vote, the PBOC had said China would
increase the flexibility of the yuan and improve the way it
manages the exchange rate with reference to a basket of
currencies of the country's trading partners. [ID:nTOE68S088]
 Mid-point  Previous day's mid-point  Previous day's close
  6.7011                  6.6936                6.6868
 The PBOC issues mid-point data through the Shanghai-based
interbank market, the China Foreign Exchange Trade System
(CFETS), on the market's website, www.chinamoney.com.cn.
 The yuan may rise or fall 0.5 percent against the dollar from
its mid-point each day.
 (Reporting by Lu Jianxin and Jacqueline Wong)




Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.