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December 7, 2009

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Home » Business » Economy

Close range on stable yuan policy

THE yuan will likely remain in a close range against the United States dollar as officials reiterated the central government's pledge to maintain a stable currency.

The Chinese currency dipped against the greenback last week and ended at 6.8272 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8269 at the end of the previous week.

Chinese Commerce Minister Chen Deming reiterated last Thursday that China will maintain a stable currency.

"An unstable yuan will have a very bad impact on the global economy," he said in a statement on the ministry's Website said.

Premier Wen Jiabao told European leaders in Nanjing last week that calls for China to let the yuan appreciate were "unfair" and could limit the nation's development.

Bank of America said in a report that the yuan may rise against the US dollar in the first quarter of 2010 as commodity prices and inflation are set to rise. It said China may then allow the yuan to climb 2 percent to 6 percent against the greenback.


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