Beijing (dpa)
The Chinese yuan continued to rise against the dollar for the second day in a row, as Chinese rules allow the yuan to rise or fall 2% above the central bank rate each trading day in the spot foreign exchange market, according to the official Xinhua News Agency.
It is noteworthy that the indicative price of the yuan against the dollar is determined on the basis of the purchase prices offered by major financial institutions before the start of daily interbank market transactions.
On the other hand, the People’s Bank continued to pump large amounts of cash into the Egyptian system for the second day in a row, as yesterday it pumped 385 billion yuan ($53.5 billion) through reverse repurchases for seven days at an interest rate of 1.8%, after it pumped yesterday. 332 billion yuan ($46.2 billion) through seven-day reverse repo operations, at an interest rate of 1.8 percent.
The state-run Xinhua News Agency quoted the central bank as saying that this step aims to maintain acceptable and abundant liquidity in the banking system.
2023-08-29 20:47:08
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