(Yicai Global) Feb. 19 -- The Chinese yuan softened against the US dollar this morning despite the central bank buoy the central parity rate of currency.
The onshore spot rate of the yuan opened at 6.7750, 75 basis points weaker than yesterday's closing price. The offshore spot exchange rate started the day flat at 6.7721 this morning, after which it started its descent.
The People's Bank of China strengthened the yuan against the US dollar by 17 basis points this morning, fixing the central parity rate at 6.7642.
If no changes come by, the foreign exchange rate of the yuan will remain volatile in the first half of the year, Securities Times reported, citing Wang Youxin, a forex researcher at the Institute of International Finance under the Bank of China.
Editor: Emmi Laine