JAKARTA - The Yuan exchange rate jumped another 184 basis points to 6.4099 against the U.S. dollar in Wednesday trading May 26, extending gains for the second day in a row after lifting 125 basis points to 6.4283 in the previous session, according to the Chinese Foreign Exchange Trading System (CFETS).
In China's foreign exchange spot market, the yuan is allowed to rise or fall by two percent of its central parity level each trading day. Demikain Antara reports.
The yuan's central exchange rate against the US dollar is based on the price-weighted average offered by market participants before the opening of the interbank money market on each business day.
Meanwhile, the U.S. dollar extended a nearly two-month decline against a basket of other major currencies in late trading Tuesday (Wednesday morning GMT), as U.S. interest rates fell amid U.S. Federal Reserve reasons for loose monetary policy, despite current inflationary pressures.
The dollar's weakening came as U.S. government bond yields fell to new multi-week lows and a flattening yield curve after a two-year government bond auction attracted strong demand.
The yield on the benchmark 10-year U.S. government bond fell to as low as 1.56 percent on Tuesday, May 25.
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