Buy CNY – Chinese Yuan Renminbi

The US Dollar to Chinese Yuan Renminbi (USD/CNY) exchange rate is currently in the region of 6.33 and rising.

After a mild advance for USD, the Peoples Bank of China (PBOC) set USD/CNY at 6.3113 which was the lowest it has been since 2013.

A sell-off of USD on global markets has enabled CNY to advance against the Greenback, hitting a four-year high as a result.

The Chinese Yuan Renminbi rose considerably against its major peers on Wednesday as data showed that factory output had increased in March, boosting demand for the currency.

The Chinese Yuan Renminbi strengthened significantly against its major peers on Tuesday after posting disappointing PMI manufacturing figures, which dampened the outlook for the world’s second largest economy.

While riskier currencies like those of emerging market nations generally gained ground last week, the ‘Aussie’ and ‘Kiwi’ were met with losses due to their ties with China’s economy and currency.

Risk appetite amongst investors has picked up in recent months as hopes that China will be able to maintain its economic recovery have rallied support for higher risk assets such as AUD and NZD.

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