Yuan Breaks From Three Day Streak Against Dollar – 29 august, 2018
Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo
China’s yuan snapped a three day winning streak against the dollar when the People’s Bank of China announced that it would be changing the way the yuan’s midpoint was calculated. The ongoing trade war between the U.S. and China also caused the currency to drop from PBOC’s Wednesday market opening at 6.8072 per dollar, 20 pips weaker than the previous fix of 6.8052. The onshore yuan opened at 6.8090 per dollar and 6.8131 by midday. A note by Bank of America Merrill Lynch to clients forecasted that the yuan would trade at 6.95 per dollar by the end of the year.