Off the wire
• Wide support for indigenous recognition in Australian constitution: poll  • Kerry confirms firm alliance with S. Korea against DPRK threats  • Tokyo stocks rise 0.43 pct on falling global bond yields  • Czech national wanted for multiple rapes arrested in S. Philippines  • Indian stocks open higher  • Kerry meets with S. Korean president amid growing tensions on Korean Peninsula  • Brazil denies commercial interference over team selection  • Chang sets world record to win China's first gold medal at ISSF World Cup  • China sets economic reform priorities for 2015  • 2nd LD Writethru: UN Security Council slams renewed violence in S. Sudan  
You are here: 　 Home

1st LD-Writethru: China's yuan strengthens to 15-month high against USD

Xinhua, May 18, 2015 Adjust font size:

China's yuan strengthened to its strongest level in 15 months against the U.S. dollar on Monday after the greenback depreciated amid concerns about the economy.

The central parity rate of the yuan strengthened by six basis points to 6.1079 against the greenback, the strongest level since Feb. 19, 2014, according to the China Foreign Exchange Trading System.

The dollar declined against other major currencies as weak U.S. economic data prompted traders to push back their expectations for when the Federal Reserve would raise interest rates.

A preliminary reading of consumer sentiment in May by the University of Michigan came in at 88.6, down from a final April level of 95.9 and the lowest level since November. That, combined with a disappointing industrial production activity reading from the Federal Reserve, pushed the dollar to a three-month low against the euro on Friday.

The yuan's central parity rate is based on a weighted average of prices offered by market makers before the opening of the interbank market each trading day. The spot rate is allowed to trade within 2 percent above or below the central parity rate. Endi