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Yuan hits record high against US dollar
By Lu Nengneng |
May 2, 2012, Wednesday
|
Online Edition
Online Edition
THE yuan experienced another day of volatility today as its central parity rate against the US dollar hit a record high for a third consecutive trading day.
The People's Bank of China set the reference rate at 6.2670 against the US dollar, the highest since the yuan's peg to the greenback ended in 2005.
At one point, the yuan had tumbled more than 0.5 percent in intraday trading. It was the second time it had dropped by such an amount since April 16, when its daily trading band was enlarged from 0.5 percent to 1 percent to encourage more currency flexibility.
Traders said the currency was still bought and sold within its usual trading range between 6.29 and 6.32 because the US dollar showed no sign of weakening overseas.
Market observers said the reference rate reflects China's attitude towards the yuan's appreciation ahead of the fourth round of US-China strategic and economic dialogue.
Senior officials like Chinese Vice Premier Wang Qishan and US Treasury Secretary Timothy F. Geithner, who called for more yuan appreciation last week, are scheduled to meet tomorrow in Beijing.
The People's Bank of China set the reference rate at 6.2670 against the US dollar, the highest since the yuan's peg to the greenback ended in 2005.
At one point, the yuan had tumbled more than 0.5 percent in intraday trading. It was the second time it had dropped by such an amount since April 16, when its daily trading band was enlarged from 0.5 percent to 1 percent to encourage more currency flexibility.
Traders said the currency was still bought and sold within its usual trading range between 6.29 and 6.32 because the US dollar showed no sign of weakening overseas.
Market observers said the reference rate reflects China's attitude towards the yuan's appreciation ahead of the fourth round of US-China strategic and economic dialogue.
Senior officials like Chinese Vice Premier Wang Qishan and US Treasury Secretary Timothy F. Geithner, who called for more yuan appreciation last week, are scheduled to meet tomorrow in Beijing.
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