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Trading in narrow range seen likely
By Ding Yining |
May 4, 2009, Monday
|
Print Edition
Print Edition
THE yuan is likely to trade within a narrow range against the United States dollar until there are clear signs of an economic recovery in the US, analysts said.
The Chinese currency edged up against the greenback and ended at 6.8250 last Thursday before the market shut for the May Day holiday, according to the China Foreign Exchange Trade System.
The yuan closed at 6.8273 by the end of the previous week.
The US economy shrank at an annual rate of 6.1 percent in the first quarter this year, after tumbling 6.3 percent in the final three months of last year, the Commerce Department reported last week.
"It's too early to expect a recovery this year (in the US)," said Liu Xiuzhu, a Beijing-based economist of BOCOM International Holdings, a unit of the Bank of Communications. "Investors are likely to increase investments in emerging markets, including China, which will push the local currency higher," he added.
The Chinese currency edged up against the greenback and ended at 6.8250 last Thursday before the market shut for the May Day holiday, according to the China Foreign Exchange Trade System.
The yuan closed at 6.8273 by the end of the previous week.
The US economy shrank at an annual rate of 6.1 percent in the first quarter this year, after tumbling 6.3 percent in the final three months of last year, the Commerce Department reported last week.
"It's too early to expect a recovery this year (in the US)," said Liu Xiuzhu, a Beijing-based economist of BOCOM International Holdings, a unit of the Bank of Communications. "Investors are likely to increase investments in emerging markets, including China, which will push the local currency higher," he added.
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