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Close range expected against dollar
By Ding Yining |
December 14, 2009, Monday
|
Print Edition
Print Edition
THE yuan is likely to stay in a close range against the United States dollar this week as the government will maintain a stable currency even as November statistics pointed to an improving economic situation, analysts said.
The currency dipped against the US dollar last week and ended at 6.8277 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8272 at the end of the previous week.
The General Administration of Customs said last Friday that China's exports in November fell 1.2 percent from a year ago but they gained 2.6 percent month on month to post the fifth consecutive monthly increase.
The Consumer Price Index rose 0.6 percent year on year, ending nine months of decline since January.
"China still needs some time before allowing the yuan to rise against the US dollar as external demand is not stable yet," said Li Mingliang, an analyst at Haitong Securities.
The currency dipped against the US dollar last week and ended at 6.8277 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8272 at the end of the previous week.
The General Administration of Customs said last Friday that China's exports in November fell 1.2 percent from a year ago but they gained 2.6 percent month on month to post the fifth consecutive monthly increase.
The Consumer Price Index rose 0.6 percent year on year, ending nine months of decline since January.
"China still needs some time before allowing the yuan to rise against the US dollar as external demand is not stable yet," said Li Mingliang, an analyst at Haitong Securities.
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