Stable stance in forex investment

By Ding Yining | April 27, 2009, Monday |

Print Edition

THE yuan will remain stable against the United States dollar as China will take a cautious and stable position in its foreign exchange investment.

The Chinese currency gained against the US dollar in the past week and ended at 6.8273 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8311 by the end of the previous week.

China will continue its policy of diversifying its huge amount of foreign exchange reserves, the currency regulator said last Friday.

Hu Xiaolian, head of the State Administration of Foreign Exchange, told Xinhua news agency that it will stick to major currencies and high-quality assets in its foreign exchange investments.

China's overseas earnings hit US$82.5 billion in the past year, an 8-percent rise from a year earlier, according to data released by the administration last Friday.

Hu also noted the positive outlook of China's economy has lessened concerns over a depreciation in the yuan.

Economy

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Stable stance in forex investment

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