Yuan Rises To Highest Level Since Policy Shift
Source: Agencies |
June 26, 2010, Saturday
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Print Edition
Print Edition
CHINA'S currency rose yesterday to its highest level yet, with the central bank setting the daily official level at 6.7896 yuan to the dollar, acting on a pledge to allow greater flexibility in the exchange rate ahead of a weekend G20 summit.
The rate set by the People's Bank of China was 0.3 percent stronger than Thursday's rate of 6.8100, well within the daily 0.5 percent limit that the currency is allowed to move in. The rate -- known as the central parity rate -- is a weighted average of prices given by market makers, excluding highest and lowest offers.
China's pledge to let its currency fluctuate more after keeping it pegged near 6.83 for the past two years was welcomed by many of China's trading partners.
However, United States President Barack Obama said on Thursday it is too early to tell whether the changes will be sufficient over the long run. He said the initial signs were positive, but the US will watch the trajectory of the yuan over the year.
Obama is expected to raise the currency issues in talks with Chinese officials in Canada at the G20.
The rate set by the People's Bank of China was 0.3 percent stronger than Thursday's rate of 6.8100, well within the daily 0.5 percent limit that the currency is allowed to move in. The rate -- known as the central parity rate -- is a weighted average of prices given by market makers, excluding highest and lowest offers.
China's pledge to let its currency fluctuate more after keeping it pegged near 6.83 for the past two years was welcomed by many of China's trading partners.
However, United States President Barack Obama said on Thursday it is too early to tell whether the changes will be sufficient over the long run. He said the initial signs were positive, but the US will watch the trajectory of the yuan over the year.
Obama is expected to raise the currency issues in talks with Chinese officials in Canada at the G20.
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