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Talk of faster rise lifts yuan to new high
By Zhang Fengming |
November 11, 2010, Thursday
|
Print Edition
Print Edition
THE yuan yesterday climbed to a new high against the US dollar since 1993 on speculation China will allow the currency to appreciate faster before Group of 20 leaders meet today in Seoul.
The yuan rose to 6.6337 against the greenback yesterday, according to the China Foreign Exchange Trading System in Shanghai.
The People's Bank of China, the central bank, set the central parity rate 0.2 percent higher at 6.6450 yesterday. The yuan rose 0.5 percent on Tuesday to notch the biggest daily advance since China abandoned a peg to the greenback in July 2005. The yuan has gained more than 20 percent overall since delinking from the dollar.
The yuan picked up momentum this week ahead of the G20 summit in South Korea as currencies are expected to be a major issue at the meeting. There have been increasing calls for China to allow for a faster appreciation of the yuan.
But Clifford Bennet, chief economist at Herston Economics, applauded the steady appreciation of the yuan and described it as a "perfect" move.
The United States Federal Reserve's new program to purchase US$600 billion worth of bonds has drawn global scorn because of concerns the plan will destabilize the world economy without doing much to reinvigorate a lackluster American economy.
The yuan rose to 6.6337 against the greenback yesterday, according to the China Foreign Exchange Trading System in Shanghai.
The People's Bank of China, the central bank, set the central parity rate 0.2 percent higher at 6.6450 yesterday. The yuan rose 0.5 percent on Tuesday to notch the biggest daily advance since China abandoned a peg to the greenback in July 2005. The yuan has gained more than 20 percent overall since delinking from the dollar.
The yuan picked up momentum this week ahead of the G20 summit in South Korea as currencies are expected to be a major issue at the meeting. There have been increasing calls for China to allow for a faster appreciation of the yuan.
But Clifford Bennet, chief economist at Herston Economics, applauded the steady appreciation of the yuan and described it as a "perfect" move.
The United States Federal Reserve's new program to purchase US$600 billion worth of bonds has drawn global scorn because of concerns the plan will destabilize the world economy without doing much to reinvigorate a lackluster American economy.
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