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Chinese yuan eases on corporate US dollar demand

The yuan has inched lower against the dollar, pressured by seasonal corporate demand for the latter while many investors cautiously awaited more clues on US president-elect Joe Biden's policy agenda towards China.

Fresh worries over Sino-US tensions emerged in the market this week after a report that the Trump administration is considering forming an alliance against China. This pushed the yuan on a heading to its worst week in two months.

The onshore yuan opened at 6.5722 per dollar and was changing hands at 6.5787 at midday, 46 pips weaker than the previous late session close.

According to a reuters.com article, traders said the yuan was weighed by rising corporate dollar demand on Friday morning as some companies have to make FX purchases towards the end of the month to settle their overseas payments.


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