Chinese Yuan Stays Firm Despite Weakening Against US Dollar

Forex News

The Chinese yuan weakened against the US dollar, as strong corporate demand supported the dollar. But still, the Chinese currency is on the best week's course in recent months. The People's Bank of China (PBOC) set the official yuan midpoint at its strongest in six weeks at 6.5810 per dollar.

The US dollar is trading in a narrow range against the euro and slightly rose against the Japanese yen, remaining under pressure from the Federal Reserve's statements about low inflation in the US. The minutes of the Fed meeting of October 31-November 1 showed that central bank’s politicians expect interest rates to be increased in the short term.