Central Parity Rate of the Yuan Lowered For 11 Days in a Row, the Longest Losing Run for 11 Years
(Yicai Global) Nov.18 -- The yuan's central parity rate against the dollar closed at 6.8796, down 104 points, hitting an eight-year low. So far, it has been lowered for 11 consecutive days in a row, marking the longest losing streak since the introduction of foreign exchange reform in June 2005.The yuan against the dollar exchange rate rose above 6.89 and 6.91 on the onshore and offshore markets respectively in the morning, hitting new lows for the last eight and a half years.During the morning session in the Asian markets, the US dollar index continued to rally on US Federal Reserve ChairJanet Yellen's positive remarks about the long-expected rate hike by the Fed.>It spiked to the 101 mark after hitting a thirteen and a half year high of 100.96. It has currently settled at above 101.20. During a congressional hearing on the economic outlook yesterday,Yellen said that Donald Trump's victory in the US presidential election has not changed the Fed's plan to hike interest rates"relatively soon."She also promed to serve out her term. Her remarks are perceived as the clearest sign yet of a rate hike in December.