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Stable trend versus dollar expected
By Ding Yining |
December 28, 2009, Monday
|
Print Edition
Print Edition
THE yuan is likely to remain stable against the United States dollar this week on flat trading as the end of the year approaches with no sign of a shift in macroeconomic policies.
The Chinese currency almost remained flat against the greenback last week, ending at 6.8283 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8284 at the end of the previous week.
Commerce Minister Chen Deming said last Thursday that foreign demand for China's exports may stay low for a long period, said a statement on the ministry's Website.
An analyst at Bank of China International Holdings wrote that there won't be much active trading in the foreign exchange market as there is uncertainty over the direction for interest rates in 2010.
"The market will continue to be quiet before the New Year holiday as there is no policy guidance on next year's interest rates," Chen Jianbo, the analyst, wrote in a note.
The Chinese currency almost remained flat against the greenback last week, ending at 6.8283 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8284 at the end of the previous week.
Commerce Minister Chen Deming said last Thursday that foreign demand for China's exports may stay low for a long period, said a statement on the ministry's Website.
An analyst at Bank of China International Holdings wrote that there won't be much active trading in the foreign exchange market as there is uncertainty over the direction for interest rates in 2010.
"The market will continue to be quiet before the New Year holiday as there is no policy guidance on next year's interest rates," Chen Jianbo, the analyst, wrote in a note.
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