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Stability against US dollar likely

THE yuan will remain stable against the United States dollar as China's foreign-exchange reserves may likely exceed US$2 trillion.

The Chinese currency edged up against the greenback in the past week to finish at 6.8313 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8333 two weeks ago.

A poll of six economists conducted by Bloomberg News indicated China's foreign-exchange reserves may have surged past US$2 trillion for the first time at the end of last month.

In remarks made in Beijing last Friday, Premier Wen Jiabao reaffirmed the government's commitment to the "proactive fiscal policy and relatively easy monetary policy."


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