Euro falls to 10-year low against yuan
By Feng Jianmin |
May 24, 2012, Thursday
|
Print Edition
Print Edition
THE euro reached its lowest level against the yuan in a decade yesterday as concern grew that Greece could leave the eurozone.
The People's Bank of China set the central parity rate at 7.998 yuan, the first dip below 8 since June 24, 2002. The rate was set as high as 11.171 yuan in 2008 after China lifted yuan's peg to the US dollar.
The weakening comes along with a strengthening of the US dollar. The yuan yesterday weakened against the dollar for first time in three days, and economists said an escalating euro crisis will delay yuan's appreciation due to strong economic link between the two economies.
Xiang Songzuo, an Agricultural Bank of China chief economist, said Greece may finally opt for compromise with an austerity plan rather than leaving, but the euro would remain weak.
The People's Bank of China set the central parity rate at 7.998 yuan, the first dip below 8 since June 24, 2002. The rate was set as high as 11.171 yuan in 2008 after China lifted yuan's peg to the US dollar.
The weakening comes along with a strengthening of the US dollar. The yuan yesterday weakened against the dollar for first time in three days, and economists said an escalating euro crisis will delay yuan's appreciation due to strong economic link between the two economies.
Xiang Songzuo, an Agricultural Bank of China chief economist, said Greece may finally opt for compromise with an austerity plan rather than leaving, but the euro would remain weak.
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