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Rising trend versus dollar seen to go on
By Ding Yining |
March 30, 2009, Monday
|
Print Edition
Print Edition
THE yuan may continue to appreciate against the United States dollar within a narrow range as there is still no clear sign of an economic recovery in the US, a Chinese government official said.
The Chinese currency declined against the US dollar to end at 6.8317 on Friday, according to the China Foreign Exchange Trade System. The yuan ended at 6.8293 by the end of the previous week.
Purchases by American consumers rose by 0.2 percent in February, the Commerce Department said on Friday, indicating the US economy still remained in recession.
Fan Gang, a member of the central bank's monetary policy advisory committee, has said China's economy may recover sooner than America's, putting pressure on the yuan to appreciate.
The Chinese currency declined against the US dollar to end at 6.8317 on Friday, according to the China Foreign Exchange Trade System. The yuan ended at 6.8293 by the end of the previous week.
Purchases by American consumers rose by 0.2 percent in February, the Commerce Department said on Friday, indicating the US economy still remained in recession.
Fan Gang, a member of the central bank's monetary policy advisory committee, has said China's economy may recover sooner than America's, putting pressure on the yuan to appreciate.
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