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March 15, 2010

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Worries over exports curb fast yuan rise

THE yuan may edge up against the US dollar within a small range this week but it will not quicken its pace of acceleration on concerns over exports, according to market watchers.

The Chinese currency rose slightly against the greenback last week and ended at 6.8262 last Friday, according to the China Foreign Exchange Trade System. The yuan ended at 6.8266 to the dollar at the end of the previous week.

"A quick pace of appreciation by the yuan will hurt export-oriented manufacturers' profits although exports are showing signs of recovery," said Zhu Jianfang, an economist with Citic Securities.

China's Consumer Price Index climbed 2.7 percent annually in February compared with a 1.5 percent increase in January.

"The government may take into consideration the inflation in March before making any moves on the currency and interest rate," Zhu said.


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