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August 17, 2009

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Close range versus dollar expected

THE yuan is expected to remain within a close range against the United States dollar this week so long as there is no clear sign of a more solid economic recovery in the US, analysts said.

The Chinese currency dipped against the US dollar and closed at 6.8328 last Friday, according to the China Foreign Exchange Trade System.

"There is no clear sign of a shift in US monetary policy, and the current interest rate level may continue till the middle of next year," said Liu Dongliang, an analyst at China Merchants Bank.

"The dollar may strengthen with more positive economic figures in the future" that would show a clear trend the US economic recovery is stable and not fragile, Liu said.


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