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Tight-range trading seen

THE yuan may continue to fluctuate within a narrow range against the United States dollar as China sticks to its moderately loose policy, according to market watchers.

The Chinese currency dipped against the greenback and closed at 6.8338 on Friday, according to the China Foreign Exchange Trade System. The yuan ended at 6.8325 by the end of the previous week.

"China should continue to have a moderately loose monetary policy and implement proactive financial policies," said Premier Wen Jiabao during a visit to Hebei Province on Friday.

Meanwhile, the Consumer Price Index in the US in May rose 0.1 percent on a seasonally adjusted basis and has fallen 1.3 percent in the past 12 months, the Department of Labor said last Wednesday.

"The recovery in the US will take longer than expected and there is little possibility for the Federal Reserve to raise interest rates before the end of the year," said Hu Hao, an analyst at Nanhua Futures Co Ltd.


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