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August 3, 2009

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Home » Business » Economy

Close range seen against US dollar

THE yuan is expected to remain within a close range against the United States dollar as China continues to maintain a stable monetary policy.

The Chinese currency dipped against the greenback and closed at 6.8323 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8318 at the end of the previous week.

The country will "maintain continuity and stability in macro-economic policy and strictly stick to the moderately loose monetary policy," the People's Bank of China, the central bank, said in a statement last Wednesday, citing the remarks of Vice Governor Su Ning.

Zhu Guangyao, assistant Chinese finance minister, expressed concern over the value of the country's US dollar treasury holdings during the Strategic and Economic Dialogue between China and the US last week. China now holds more than US$800 billion in US notes and bonds and is the US's biggest creditor.


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