Buying and selling quantity for China’s yuan spikes to new excessive

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SHANGHAI, Oct 24 – Trading volume for China’s onshore spot yuan rose to the highest level since the data became available in May 2013.

The daily trading volume rose to $57.398 billion as of 0724 GMT.

Volumes have been high this week as many market participants seek to take advantage of the modest trading ranges to make quick profits through multiple trades in order to meet their institutional targets for the year.

“Some financial institutions are pushing the volume higher. Bid-Ask spreads on the trading platform are all very narrow,” said a trader at a foreign bank.

On Wednesday, the onshore yuan opened at 6.9380 to the dollar and traded at 6.9394 as of 0724 GMT. It has swung in an extremely thin range of 41 pips so far in the session. (Reporting by Winni Zhou and John Ruwitch; Editing by Simon Cameron-Moore)

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