Yuan falls to new 5.5 year low as PBOC stays aside
The Dollar Business Bureau There are concerns that the People's Bank of China (PBOC) would tolerate a further declining of the yuan, as the central bank seems to have stood on the sidelines, as the Chinese currency reached a new 5 and a half year low against the dollar consecutively for the second session on Monday. The yuan declined to 6.6642 just after opening on account of heavy dollar buying in the market. This was weakest since December 2010. In spite of Yuan’s continued decline, there were no indications of intervention by the state banks' on behalf of the People's Bank of China. This is a tacit move, though not by China’s central bank to keep the Chinese currency slide further, said some traders. Last ...
Demand slump in neighbouring countries hits Indias engineering exports
The Dollar Business Bureau India’s engineering exports has been witnessing a steep fall in the last couple of months mainly due to the demand slowdown in the neighbouring countries. As per the latest data released by the government on Thursday, India’s exports of engineering products registered a negative growth of 22.81% in September this year compared to the figure of the same month a year ago. However, the rate of decline was less than that of August when it went down by 29.5% year-on-year. In a recent analysis based on August trade data, engineering export promotion body EEPC India said that the country’s shipments to neighbouring markets including China and Sri Lanka have witnessed a massive fall. “India’s engineering exports to its ...
