Euro and Yen against yuan slumped lowest since reform

As euro and yen slumped on the Asian market, euro closed at RMB 7.7234 yuan against 1 euro and Japanese yen at 7.1716 yuan per 100 yen on the inter-bank forex market Sept. 27, both the lowest since China announced the reform on its foreign exchange rate formation mechanism in July this year.

Since the reform, the exchange price of US dollar against RMB on the interbank market has been under the spotlight. However, in consideration of the closing price of 10.0141 yuan against one euro on Sept.22, the euro has lost 2.9 percent to yuan and the value of 100 yen was down by 1.84 percent per yuan.

Euro slumped by 117 base points against yuan and the band reached 0.18 percent. On Sept.26, 1 euro was traded 793 base points lower against yuan, and the volatility was 0.8 percent. 100 yen lost 250 base points to one yuan, sliding 0.347 percent,.

The same day the US dollar was closed at 8.0920 yuan, down by merely 0.011 percent from 8.0929 the previous day. The volatility was only one-sixteenth of that of the euro against yuan.

By People's Daily Online