The US Dollar keeps weakening and the China Yuan gets stronger. Not a good sign for your future.
China's yuan was higher against the U.S. dollar late Tuesday as companies and banks continued to cut dollar positions ahead of the weeklong national day holiday next week, despite the central bank's guiding the Chinese currency lower via a daily reference rate. On the over-the-counter market, the dollar was at 6.3066 yuan around 0830 GMT, down from Monday's close of CNY6.3093. It traded in a CNY6.3019-CNY6.3113 range. "Companies and banks accumulated too many dollars when the yuan was depreciating earlier this year, so we are seeing heavy dollar selling flows as they cut their positions," said a Shanghai-based trader with a local bank. The yuan declined by as much as 1.6% against the dollar between the start of the year and late July. It has since recovered and is now down about 0.2% since the start of the year.