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Forex. The mainstream business, the biggest market on earth today. It has a daily turnover of more than 2.5 trillion US$ (more than 100 times greater than NASDAQ), and it's still growing.

The forex trading, also referred to as the forex trading market, is the largest financial market in the world, with a daily average turnover of approximately US$1.3 trillion. Forex is the simultaneous buying of one currency and selling of another. The world's currencies are on a floating exchange rate and are always traded in pairs, for example EURO/USD or USD/CHF.

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Chinese Yuan Climbs To Fresh Record High Against Dollar

The Chinese yuan rose to a fresh record high of 6.4780 against the US dollar in Asian deals on Wednesday. The pair closed yesterday’s trading at 6.4805.

The People’s Bank of China set today’s central parity rate for the yuan at a fresh record high of 6.4837 per dollar, compared to Tuesday’s daily reference rate of 6.4845.

The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 0.5 percent from that level.

In economic news, survey results from the China Federation of Logistics and Purchasing showed today that the Purchasing Managers’ Index for manufacturing fell to 52 in May from 52.9 in April. Economists were expecting a fall to 51.6.

Meanwhile, data from Markit Economics showed that China’s manufacturing sector growth eased to a ten-month low in May. The Markit/HSBC manufacturing purchasing managers’ index fell to 51.6 in May from 51.8 in April. The score was higher than the flash estimate of 51.1.

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This entry was posted on Thursday, June 2nd, 2011 at 3:12 am and is filed under Forex News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Risk Disclosure: Forex Trading on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with forex trading market, and seek advice from an independent financial advisor if you have any doubts with forex trading.