The renminbi fell slightly against the dollar in China on Friday. The yuan, as the currency is informally known, began the day up over the greenback but weakened as trading progressed.
The reason for the afternoon decline? Chinese enterprises entered the market and bought the American currency in large amounts late in the day. “It just seems so odd that companies would choose this particular time to buy such big amounts of dollars,” an unnamed Shanghai trader in a local banktold the Wall Street Journal.
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