The Chinese Yuan lost 0.01584 points or 0.25% to 6.46367 against the US Dollar on Monday after the onshore rate was set at 6.4623. Traders continued to follow reports that China's short-term money rates remained elevated, despite the PBoC pumping CNY 98 billion on Monday after draining a total of CNY 216.5 billion from the financial system in January. On the data front, The official NBS Manufacturing PMI for China fell to 51.3 in January, the weakest growth in factory activity since August, while the official NBS Non-Manufacturing PMI dropped to a ten-month low of 52.4 as the economy struggled to contain a fresh wave of COVID-19 cases in some parts of the country ahead of the Lunar New Year festival.
Historically, the Chinese Yuan reached an all time high of 8.73 in January of 1994. Chinese Yuan - data, forecasts, historical chart - was last updated on February of 2021.
The Chinese Yuan is expected to trade at 6.49 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 6.56 in 12 months time.