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January 4, 2010

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Home » Business » Economy

Stable trend seen against greenback

YUAN transactions are expected to be flat today, the first day of trading in 2010, with the Chinese currency seen to remain stable against the United States dollar in its first trading week.

The yuan closed last year almost flat against the greenback at 6.82820 last Thursday, the last trading day of 2009, according to the China Foreign Exchange Trade System. The yuan closed at 6.8283 at the end of the previous week.

The State Administration of Foreign Exchange said in a statement last Thursday that China would maintain stability in the yuan's exchange rate even as it proceeded gradually with reforms in the foreign exchange market based on the country's needs.

The yuan's central parity has stayed between 6.82 and 6.83 for several weeks as there wasn't much liquidity or risk taking in the last month of 2009.

"The yuan is not likely to see a quick and large appreciation before a full recovery in exports and domestic demand," said Fang Ming, a senior analyst at the Bank of China.


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