Yuan firms up against dol­lar

China Daily (Latin America Weekly) - - Business - NEW YORK HEAD­QUAR­TERS WASH­ING­TON SAN FRAN­CISCO SEAT­TLE TORONTO XIN­HUA

The cen­tral par­ity rate of the Chi­nese cur­rency ren­minbi, or the yuan, strength­ened 299 ba­sis points to 6.9371 against the US dol­lar on Fri­day, ac­cord­ing to the China For­eign Ex­change Trade Sys­tem. In China’s spot for­eign ex­change mar­ket, the yuan is al­lowed to rise or fall by 2 per­cent from the cen­tral par­ity rate each trad­ing day. The cen­tral par­ity rate of the yuan against the US dol­lar is based on a weighted av­er­age of prices of­fered by mar­ket mak­ers be­fore the open­ing of the in­ter­bank mar­ket each busi­ness day. World gold de­mand reached 964.3 met­ric tons dur­ing the third quar­ter of this year, an in­crease of 6.2 tons com­pared with the same pe­riod last year, main­tain­ing a sta­ble trend, ac­cord­ing to a re­port re­leased by the World Gold Coun­cil. Dur­ing the third quar­ter, gold-backed ex­change-traded funds saw a 116 ton de­cline when com­pared with in­flows of 13.2 tons in the same pe­riod a year ago, mark­ing the first quar­ter of out­flows since the last quar­ter of 2016, ac­cord­ing to the quar­terly re­port. US la­bor pro­duc­tiv­ity ex­pe­ri­enced a slower in­crease in the third quar­ter, the US La­bor De­part­ment re­ported. Non­farm busi­ness sec­tor la­bor pro­duc­tiv­ity, which mea­sures the out­put per hour of work­ers on non­farm pay­rolls, in­creased at a 2.2 per­cent sea­son­ally ad­justed an­nual rate dur­ing the third quar­ter of 2018, lower than the re­vised 3 per­cent in­crease in the sec­ond quar­ter, ac­cord­ing to the de­part­ment. US au­tomaker Gen­eral Mo­tors re­ported a sharp jump in profit for the third quar­ter of this year to $2.5 bil­lion, com­pared with 2017, boosted by strong truck and sport util­ity ve­hi­cle sales in North Amer­ica and China. The profit was in sharp con­trast to a year ago, when GM posted a huge loss due to the sale of its fail­ing Opel-Vaux­hall busi­ness in Europe. GM North Amer­ica posted strong mar­gins of 10.2 per­cent in the third quar­ter, driven by an in­crease in av­er­age trans­ac­tion prices.

© 2018 China Daily All Rights Re­served Vol. 38 — No. 11494

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