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August 31, 2009

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Home » Business » Economy

Cautious view over dollar

THE yuan is likely to remain stable against the United States dollar this week because little trading demand is seen for the greenback, analysts said.

The Chinese currency edged up against the US dollar and closed at 6.8309 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8313 at the end of the previous week.

"Investors are still very cautious about the dollar although the US economy is showing signs of recovery," said Yan Lin, a trader at the Bank of China.

"The dollar is also seen not likely to be very strong in the near future," Yan added.

The US economy dipped 1 percent in the second quarter year on year, less than the 1.5 percent forecast.

"Trading volume (for the US dollar) will be limited in the near future as a result of uncertainties over the economy and the yuan will remain in a close range against the US dollar," the Bank of China wrote in a note.


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