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Period of stability versus dollar

THE yuan is expected to remain stable against the United States dollar as China is set to maintain its relatively loose monetary policy.

The Chinese currency edged down against the greenback and closed at 6.8318 last Friday, according to the China Foreign Exchange Trade System.

The yuan closed at 6.8310 at the end of the previous week.

Premier Wen Jiabao said last Thursday that the government will maintain a relatively loose monetary policy as the economy is showing signs of recovery.

A pilot program which allows Chinese companies to settle trade in yuan started in Shanghai and four other cities in Guangdong Province on July 2. A stable exchange rate will be beneficial for companies engaged in cross-border trade.


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