SHANGHAI, May 31 — China’s yuan climbed to a five-year top against a trade-weighted basket of currencies today, exerting pressure on the country’s exporters, even as officials continued to warn against excessive speculation. Former foreign exchange regulator Guan Tao joined a slew of current...
The central bank-backed Financial News also warned of possible factors that could lead the yuan to weaken against the dollar, and regulators said last week they will crack down on forex market manipulation, while reiterating that China’s currency policy will remain unchanged.
Expectations of persistent yuan strength “not only harm the orderly operation of the forex market, but also increase the financial burden of the exporting sector.” The string of official comments come after the yuan recorded its best weekly performance against the dollar since November last week, though signs of concern over strong one-way bets on the currency have slowed the rally.
Spot yuan rose to a top of 6.3611 per dollar this morning, its strongest since May 18, 2018, before giving back some gains to trade at 6.3627, up 47 pips on the day. He said the yuan’s rise could face some resistance as overseas corporates buy dollars to make upcoming dividend payments.
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