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Narrow trade but to rise in long run
By Ding Yining |
June 15, 2009, Monday
|
Print Edition
Print Edition
THE yuan will fluctuate against the US dollar within a narrow range this week but analysts expect it to appreciate in the long run.
The Chinese currency closed higher against the US dollar at 6.8325 last Friday, according to the China Foreign Exchange Trade System. The yuan ended at 6.8334 by the end of the previous week.
Foreign exchange loans in May increased US$15.4 billion, a rise of US$12.4 billion from the same period last year, according to the central bank last Friday.
"This suggested a general expectation over the yuan's appreciation in the long term," said Shi Lei, an analyst at the Bank of China.
However, the rise will not be huge as China's exports plunged 26.4 percent from a year ago to US$88.758 billion, the General Administration of Customs has said.
The Chinese currency closed higher against the US dollar at 6.8325 last Friday, according to the China Foreign Exchange Trade System. The yuan ended at 6.8334 by the end of the previous week.
Foreign exchange loans in May increased US$15.4 billion, a rise of US$12.4 billion from the same period last year, according to the central bank last Friday.
"This suggested a general expectation over the yuan's appreciation in the long term," said Shi Lei, an analyst at the Bank of China.
However, the rise will not be huge as China's exports plunged 26.4 percent from a year ago to US$88.758 billion, the General Administration of Customs has said.
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