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September 28, 2009

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Steady week forecast for the yuan

THE yuan will likely trade within a close range versus the US dollar this week as central bank officials have pledged a stable currency.

The Chinese currency dipped against the US dollar last week, closing at 6.8287 on Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8271 on September 18.

"The stability of the US dollar is a key factor in the stability of the world economic recovery," Xie Duo, director of the International Cooperation Department of the People's Bank of China, was quoted as saying over the weekend when attending the G20 summit in Pittsburgh, United States.

Xie added that China supports stability in major reserve currencies.

The yuan may trade between 6.8250 and 6.8350 in coming weeks, the Bank of China wrote in a research report.


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