USD RMB Analysis 27 June 2011
FXFXFX.com 2011-06-27 11:27:51 AM GMT +0800
USD RMB Analysis 27 June 2011
The USD RMB is higher early Monday on a higher daily reference rate after gains in the dollar index late last week. Monday's central parity is set at 6.4750 from Friday's 6.4742. In OTC trade, the USD RMB is at 6.4744 from 6.4730 late Friday, and is tipped to trade in a 6.4700-6.4800 range, says a Shanghai-based local bank trader. "Especially with Premier Wen in Europe and after the euro's sharp fall on Friday, the central bank's focus is on stability. The central parity is only slightly higher than Friday's, which shows the PBOC wants the pair to consolidate after the yuan's recent gains." Offshore, one-year USD/CNY NDFs are up at 6.3960/6.3990 from 6.3920/6.3940 late Friday.