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Gain seen in short term

THE yuan may gain slightly against the United States dollar in the short term but the currency should remain stable in the long term as the Chinese government pledges to continue to maintain an easier monetary stance.

The Chinese currency edged up against the greenback in the past week and ended at 6.8221 on Friday, according to the China Foreign Exchange Trade System. The yuan ended at 6.8250 at the end of the previous week.

China will maintain a moderately loose monetary policy and ensure ample liquidity in the financial system, according to a quarterly report released by People's Bank of China, the central bank, on Wednesday.

"The signal by the central bank will send the yuan higher in the short term, but it doesn't mean the yuan will start to appreciate against the US dollar" over the long term, said Shi Lei, an analyst at the Bank of China.


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