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10 Sep 2015
Chinese Yuan sees biggest single day gain on record
FXStreet (Mumbai) - The offshore spot Yuan is set for the biggest single day gain on record after the PBOC increased quotas or net yuan inflows under cross-border pooling scheme.
The CNH (offshore Yuan) is up more than 1% at 6.4008 against the USD. This is its biggest upward move since China introduced the offshore exchange rate in 2010. The trading volumes are also set to have their biggest day since the surprise depreciation in mid-August.
The spike in CNH also pulled up CNY (onshore Yuan), but by a lesser magnitude. The onshore unit is confined to 2% up or down move per day, while the CNH is freely tradeable.
The CNH (offshore Yuan) is up more than 1% at 6.4008 against the USD. This is its biggest upward move since China introduced the offshore exchange rate in 2010. The trading volumes are also set to have their biggest day since the surprise depreciation in mid-August.
The spike in CNH also pulled up CNY (onshore Yuan), but by a lesser magnitude. The onshore unit is confined to 2% up or down move per day, while the CNH is freely tradeable.