Posted On: January 14, 2015
The yuan increased 0.02 percent on Wednesday in Shanghai to 6.1970 per U.S. dollar, Bloomberg reported.
The government of Premier Li Keqiang is expediting $1.1 trillion worth of infrastructure projects in 2015. The country's overseas shipments increased 9.7 percent in December compared to the same month last year. China's trade surplus rose to a record of $54.5 billion in November and closed at $49.6 billion in December.
Economists project 1.3 percent growth for the yuan this year, which would make it the second-best performer among Asian currencies. The news source also noted that a gauge of local bonds advanced 12 percent in 2014, marking its largest gain in the past five years combined.
"The yuan may be one of the bright spots in 2015 as the internationalization of the Chinese currency continues," said Herve Lievore, senior investment strategist with HSBC Global Asset Management, according to Bloomberg.
The yuan weakened against the U.S. dollar last year for the first time since foreign exchange reforms in the early 90s, Reuters reported. Yet while the yuan declined by 2.7 percent in 2014, it fared better than other Asian currencies. More freely-traded currencies in Indonesia, South Korea and Taiwan depreciated by 4 to 7 percent over the year.
Category: Industry News
Foreign Exchange Services for Business
With a focus on payment services, Western Union Business Solutions enables businesses of all sizes to send funds internationally through our global payment solutions.
See our available FX payment services