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26.05.2024
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Chinese yuan strengthens its position

yuan222The Chinese yuan has significantly strengthened comparing with other currencies, according to CFETS data.

The composite exchange rate index of the yuan on February 5 was 96.95 points, up 0.45 points from a week earlier. The index compares the yuan to 24 currencies, including the US dollar, euro, and Japanese yen.

Note that in the past, the index that measures the yuan's exchange rate against the basket of currencies of the Bank for International Settlements also rose. It has risen by 0.47 points and to 100.86.

In addition, the index, which measures the yuan's exchange rate against a basket of special drawing rights, also changed, rising 0.56 points to 96.11.

 

Information

Bank for International Settlements is (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks". 

Special Drawing Rights are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF).