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Home / Futures Blog / Yuan edges higher against greenback

Yuan edges higher against greenback

October 10, 2013 by Daniels Trading

The Chinese yuan marked its biggest gain in roughly eight weeks against the world's reserve currency on Thursday after the central banks of the Asian nation and Europe announced a pact for a currency swap line, according to Bloomberg.

The People's Bank of China and the European Central Bank have embarked on a three-year swap minimum of 350 billion yuan, a Thursday statement issued by ECB indicates. The renminbi also continued advancing in the aftermath of the White House nomination of stimulus-friendly Janet Yellen as successor to Ben Bernanke as U.S. Federal Reserve chair.

"Investors are in wait-and-see mode, given the uncertainty over the U.S. debt ceiling," director Daniel Chan with China Silver Global Investment Consultant Ltd. in Hong Kong told the news source on Thursday. "It looks like lawmakers are working to avoid chaos. Yellen is known to be more dovish, so tapering under her leadership will be gradual. That would be positive for the yuan."

The yuan rose about 0.09 percent against the U.S. dollar, notating its top gains since the middle of August.

The agreement between the two central banks enhances the status of the yuan as a potential world reserve currency, according to Reuters. China has long driven toward that end.

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Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: Currencies & Interest Rates

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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