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Risk of yuan falling 'high'
By Ding Yining |
January 5, 2009, Monday
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Print Edition
Print Edition
THE yuan is not likely to continue its appreciation against the United States dollar this year as it did last year, according to experts.
The yuan ended higher to close at 6.8346 against the US dollar on the last trading day of last year, according to the China Foreign Exchange Trade System. The currency has already gained 7.05 percent against the greenback from 7.2996 at the start of the year. It has jumped 21 percent since a fixed exchange rate was scrapped in July 2005.
"The risk of the yuan depreciating is fairly high as interest rate is already at a very low level," said China Merchants Bank Co. "The yuan's fall may not save exporters but will help boost competitiveness of domestic products overseas."
The yuan ended higher to close at 6.8346 against the US dollar on the last trading day of last year, according to the China Foreign Exchange Trade System. The currency has already gained 7.05 percent against the greenback from 7.2996 at the start of the year. It has jumped 21 percent since a fixed exchange rate was scrapped in July 2005.
"The risk of the yuan depreciating is fairly high as interest rate is already at a very low level," said China Merchants Bank Co. "The yuan's fall may not save exporters but will help boost competitiveness of domestic products overseas."
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