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September 7, 2009

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Home » Business » Economy

Stability seen versus dollar

THE yuan is likely to remain stable against the United States dollar as China seeks to curb the granting of new loans by its banks and with the US economy seen to remain weak.

The Chinese currency was nearly flat against the US dollar last week and ended at 6.8310 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8309 at the end of the previous week.

The US jobless rate rose to 9.7 percent last month, the highest level since June 1983. Employers in the US has cut a total of 216,000 jobs, the Labor Department said last Friday.

China will consider using regulatory tools to control bank lending, Su Ning, deputy governor of the People's Bank of China, the central bank, said in Shanghai on Saturday.

Domestic banks extended a record 7.37 trillion yuan (US$1.1 trillion) of new loans in the first half. New loans fell to 355.9 billion yuan in July, less than a quarter of June's level.

"A stable financial market will be the top priority, and the yuan is likely to stay in a close range against the US dollar," Huiying Foreign Exchange wrote in a report.


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