China's yuan not heading toward a depreciating path: People's Daily
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
A 100 Yuan note is seen in this illustration picture in Beijing March 7, 2011. REUTERS/David Gray/File Photo
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
SHANGHAI (Reuters) - China's yuan is not entering a depreciating path but pressure will persist in the short term amidst dollar strength, the overseas edition of the People's Daily quoted experts as saying on Wednesday.
The Communist Party's mouthpiece said the Chinese currency will remain basically stable in the mid- to long-term with two-way volatility, and a depreciation trend is unlikely to happen.
It added that the yuan is supported by signs that China's economy is stabilizing. The yuan would also be bolstered by overseas investment following its inclusion in the currency basket determining the value of the International Monetary Fund's synthetic reserve currency Special Drawing Rights.
Upbeat U.S. economic data has raised expectations of an interest rate hike by the U.S. Federal Reserve, piling pressure on the yuan. The global dollar index <.DXY>, a gauge of the dollar's strength has gained 3.5 percent in the last two months.
The spot yuan rate
(Reporting By Winni Zhou and Nathaniel Taplin; Editing by Simon Cameron-Moore)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- CIA says Russia intervened to help Trump win White House
- After impeachment of South Korean president, anti-Park rallies resume
- CIA says Russia intervened to help Trump win White House: Washington Post