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November 16, 2009

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Home » Business » Economy

Close range versus dollar set to remain

THE yuan is likely to remain in a close range against the United States dollar in the near future as the Chinese government continues its efforts to ensure exports stay healthy and stable.

The Chinese currency edged up against the US dollar last week and ended at 6.8273 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8276 at the end of the previous week.

The People's Bank of China said last Wednesday in its quarterly monetary policy report that it will improve the mechanism of the exchange rate determination "based on international capital flows and movements in major currencies."

Goldman Sachs said in a research note that "we believe the decision makers at the State Council still consider exports growth too weak to change the exchange rate."


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