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Yuan firms as exporters convert dollars before week-long holiday
SHANGHAI: The Chinese yuan strengthened against the US dollar on Tuesday, as exporters ramped up conversion of their dollar holdings into the local currency ahead of the National Day holiday, offsetting pressure from a firm greenback that hovered near a two-month high. The spot yuan opened at 6.7094 per dollar and was last trading at 6.7057 as of 0245 GMT, 61 pips firmer than the previous late session close. The week-long National Day holiday will start on Thursday, with onshore trading resuming on October 8. The yuan is expected to trade between 6.5 and 6.9 per dollar for the remainder of the...
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