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November 30, 2009

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Home » Business » Economy

Close range ahead of work meeting

THE yuan will stay in a close range against the United States dollar as dealers wait cautiously ahead of the Chinese government's economic conference that will decide fiscal and monetary policy for 2010.

The Chinese currency edged up against the greenback last week and ended at 6.8269 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8278 at the end of the previous week.

The yuan is likely to stay stable this year although the Central Economic Work Conference, which will be held in early December, might suggest that the long-standing policy of a stable yuan be fine-tuned.

Analysts said the government is likely to maintain stimulus measures as the economic situation is not yet stable although some slight adjustments might be made.

Commerce Minister Chen Deming reiterated last Friday "a stable yuan rate will be favorable to China and the global economic recovery and it's important to maintain the stability of the currency."


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