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Analysts eye more gains versus dollar
By Ding Yining |
June 1, 2009, Monday
|
Print Edition
Print Edition
THE yuan will maintain its upward trend against the United States dollar before adjusting, analysts said.
The Chinese currency closed lower against the US dollar at 6.8324 on Wednesday, the last trading day before the three-day Dragon Boat Festival break, according to the China Foreign Exchange Trade System. The yuan ended at 6.8239 by the end of the previous week.
"The fall in exchange rate on the last trading day of last week was due to the efforts of the State Council to ensure external demand" for China exports, according to Zhao Qingming, a senior researcher at China Construction Bank. China's exports in April fell 22.6 percent from a year earlier.
"The temporary adjustment in the past week doesn't mean a change in monetary policy," said Chen Yong, an analyst at Haitong Securities.
The Chinese currency closed lower against the US dollar at 6.8324 on Wednesday, the last trading day before the three-day Dragon Boat Festival break, according to the China Foreign Exchange Trade System. The yuan ended at 6.8239 by the end of the previous week.
"The fall in exchange rate on the last trading day of last week was due to the efforts of the State Council to ensure external demand" for China exports, according to Zhao Qingming, a senior researcher at China Construction Bank. China's exports in April fell 22.6 percent from a year earlier.
"The temporary adjustment in the past week doesn't mean a change in monetary policy," said Chen Yong, an analyst at Haitong Securities.
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