Related News
Stable pledge for the yuan
By Ding Yining |
February 9, 2009, Monday
|
Print Edition
Print Edition
THE yuan will remain stable against the United States dollar in the near future with the Chinese government pledging to stabilize the currency.
The yuan closed slightly higher against the dollar last week at 6.8371 on Friday, according to the China Foreign Exchange Trade System. The local currency ended at 6.8380 by the end of the previous week.
"The yuan will not gain or fall on a large scale. The financial turmoil has brought much uncertainty to the market, and we will keep it at a reasonable and stable level," said Zhou Xiaochuan, governor of the central bank.
"China's exports are heavily affected by falling demand from foreign countries, and a depreciation of the local currency will not be any good for domestic manufacturers," said Lian Ping, chief economist with the Bank of Communications.
Liu Dongliang, an analyst with China Merchants Bank, said: "We have seen a fairly balanced trading of the yuan after the week-long Chinese New Year holiday."
The yuan closed slightly higher against the dollar last week at 6.8371 on Friday, according to the China Foreign Exchange Trade System. The local currency ended at 6.8380 by the end of the previous week.
"The yuan will not gain or fall on a large scale. The financial turmoil has brought much uncertainty to the market, and we will keep it at a reasonable and stable level," said Zhou Xiaochuan, governor of the central bank.
"China's exports are heavily affected by falling demand from foreign countries, and a depreciation of the local currency will not be any good for domestic manufacturers," said Lian Ping, chief economist with the Bank of Communications.
Liu Dongliang, an analyst with China Merchants Bank, said: "We have seen a fairly balanced trading of the yuan after the week-long Chinese New Year holiday."
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
