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November 23, 2009

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Home » Business » Economy

Close range against dollar expected

The yuan will stay in a close range against the United States dollar in the next two or three months as China's monetary policy stays unchanged.

The Chinese currency edged down slightly against the greenback last week and ended at 6.8278 on Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8273 at the end of the previous week.

The yuan has hovered around 6.83 to the US dollar since July 2008 despite facing international pressure for it to appreciate.

The People's Bank of China Governor Zhou Xiaochuan said at a forum on Friday that the country will maintain its moderately loose monetary policy but should also be flexible. He didn't elaborate.

"China's monetary policy may not change before the second quarter of 2010," Chen Lu, an analyst with Haitong Securities, wrote.


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