BEIJING, October 30. The yuan strengthened against the dollar on the domestic foreign exchange market to the maximum since 2005, according to AFP. So, the dollar against the yuan fell by 0.62% to 6,3174 yuan per dollar.
According to China foreign exchange trade system (CFETS), 10:48 Moscow time on domestic currency market of the PRC total trading volume since the beginning of the trading session amounted to $17.8 bn, which is higher than the previous values would be about the same time – $14,78 billion.
The strengthening of the yuan comes amid plans to expand their use of the Chinese currency in cross-border transactions in the Shanghai free trade zone, reports Bloomberg with reference to the plan of the people’s Bank of China. Earlier, China’s state Council stated that China will gradually promote the expansion of the convertibility of the yuan via the Shanghai free trade zone.
As previously reported, the issue of including the Chinese yuan in the basket of reserve currencies, the IMF should be considered by the Board of Directors of the Fund in November.