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No big yuan changes seen
By Ding Yining |
January 12, 2009, Monday
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Print Edition
Print Edition
THE yuan will enter a period of adjustment this week as the United States dollar may gain as a result of better than expected economic statistics, experts said.
The Chinese currency ended lower against the US dollar last week at 6.8363 on Friday, according to the China Foreign Exchange Trade System.
The US Labor Department last Friday said payrolls fell by 524,000 last month after declining by 584,000 in November, and the dollar rallied briefly after the announcement.
"The (US payroll) figure announced last week may lift the dollar (again) but the yuan's adjustment will not be large as there's no sign of economic recovery in the US," said a report by Tang Chunyu, a trader at Bank of China.
The Chinese currency ended lower against the US dollar last week at 6.8363 on Friday, according to the China Foreign Exchange Trade System.
The US Labor Department last Friday said payrolls fell by 524,000 last month after declining by 584,000 in November, and the dollar rallied briefly after the announcement.
"The (US payroll) figure announced last week may lift the dollar (again) but the yuan's adjustment will not be large as there's no sign of economic recovery in the US," said a report by Tang Chunyu, a trader at Bank of China.
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