China's yuan crosses midpoint into stronger territory for 1st time since March China's foreign exchange market on Wednesday traded yuan at a higher price than the official guidance rate for the first time since the currency's trading band was widened in March. The movement illustrates the steady return of bullish sentiment even in the face of flat guidance from the central bank. The People's Bank of China (PBOC) set the daily midpoint rate at 6.1681 per dollar on Wednesday. But the spot rate traded at 6.1680 per dollar in the afternoon, firmer than the midpoint for the first time since March 11 and its strongest position against the dollar since March 17. The spot rate has been steadily closing on the midpoint rate since mid-July as long yuan sentiment has returned to China's market. On March 15, the PBOC widened the intraday trading band - the range the spot rate has to trade above or below the daily fix - to 2 percent up from 1 percent, allowing greater two-way volatility into the market. Traders said the bank engineered a 3.3 percent depreciation in the Chinese currency in the first four months of this year to deter speculators from betting on a non-stop yuan appreciation. This caused the spot rate to trade far weaker than the midpoint for several months.
Sterling hits 3-week low vs euro as UK inflation falls sharply
Sterling hit a three-week low against the euro on Tuesday while gilt yields dipped, after data showed British inflation fell to a 12-year low in November, leaving the Bank of England under no pressure to raise interest rates.
Reflecting a slide in global oil prices, the consumer price index rose by an annual 1.0 percent in November, compared with 1.3 percent in October, the Office for National Statistics said on Tuesday. Economists taking part in a Reuters poll had expected the CPI to slip back to 1.2 percent.
The euro rose against sterling to 80.075 pence from around 79.84 pence before the inflation data, but then pared gains to trade at 79.78 pence, up 0.3 percent on the day.
Against the dollar, sterling slipped to a day's low of $1.5610 from around $1.5638 beforehand, before reversing gains to trade up 0.3 percent at $1.5692. UK 10- year bond yields extended falls, hitting a day's low of 1.757 percent, down around 6 basis points on the day.
Britain's FTSE 100 index rose after the UK inflation data was published. The index was up by 0.3 percent at 6,200.91 points by 0932 GMT.
Sterling hit a three-week low against the euro on Tuesday while gilt yields dipped, after data showed British inflation fell to a 12-year low in November, leaving the Bank of England under no pressure to raise interest rates.
Reflecting a slide in global oil prices, the consumer price index rose by an annual 1.0 percent in November, compared with 1.3 percent in October, the Office for National Statistics said on Tuesday. Economists taking part in a Reuters poll had expected the CPI to slip back to 1.2 percent.
The euro rose against sterling to 80.075 pence from around 79.84 pence before the inflation data, but then pared gains to trade at 79.78 pence, up 0.3 percent on the day.
Against the dollar, sterling slipped to a day's low of $1.5610 from around $1.5638 beforehand, before reversing gains to trade up 0.3 percent at $1.5692. UK 10- year bond yields extended falls, hitting a day's low of 1.757 percent, down around 6 basis points on the day.
Britain's FTSE 100 index rose after the UK inflation data was published. The index was up by 0.3 percent at 6,200.91 points by 0932 GMT.
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