"We are watching both domestic and overseas developments for signs of new direction," a trader at a joint-stock bank in Shanghai said. Trading volumes were above average, clocking over $14 billion worth of transactions by the end of the day. The CNH dealt rate stood at 6.2070 at the close on Wednesday, 0.37 percent stronger than the onshore rate. The CNH hit a record high against the dollar in intra-day trade on December 11 when it changed hands at 6.2030 per dollar. Offshore non-deliverable forwards continue to forecast depreciation in 12 months time. One-year non-deliverable forwards changed hands at 6.3080 per dollar.
"We are watching both domestic and overseas developments for signs of new direction," a trader at a joint-stock bank in Shanghai said. Trading volumes were above average, clocking over $14 billion worth of transactions by the end of the day. The CNH dealt rate stood at 6.2070 at the close on Wednesday, 0.37 percent stronger than the onshore rate. The CNH hit a record high against the dollar in intra-day trade on December 11 when it changed hands at 6.2030 per dollar. Offshore non-deliverable forwards continue to forecast depreciation in 12 months time. One-year non-deliverable forwards changed hands at 6.3080 per dollar.