Yuan continues steady climb
By Lilith Hu |
December 5, 2012, Wednesday
|
Print Edition
Print Edition
THE Chinese yuan continued to climb yesterday, capping its trading band for 26 days since October after the People's Bank of China strengthened the currency's reference rate on the back of a recovering economy.
The central bank set the central parity rate of the yuan at 6.2885 per US dollar yesterday, a stronger position than 6.2908 per dollar on Monday. The yuan surged to 6.2256 per dollar at the beginning of trade yesterday, capping its daily trading limit of 1 percent.
The currency gained 0.22 percent last month on China's rebounding economy.
"The rising streak of the yuan is a rare occurrence since the exchange rate reform in July 2005," Shenyin Wanguo Securities said in report last week. "It means that the central bank has intervened less in the currency's exchange rate recently. The regime will become market-oriented gradually to alleviate the problem of exchange rate distortion. Financial reforms will go a step further amid a stabilizing economy."
The central bank set the central parity rate of the yuan at 6.2885 per US dollar yesterday, a stronger position than 6.2908 per dollar on Monday. The yuan surged to 6.2256 per dollar at the beginning of trade yesterday, capping its daily trading limit of 1 percent.
The currency gained 0.22 percent last month on China's rebounding economy.
"The rising streak of the yuan is a rare occurrence since the exchange rate reform in July 2005," Shenyin Wanguo Securities said in report last week. "It means that the central bank has intervened less in the currency's exchange rate recently. The regime will become market-oriented gradually to alleviate the problem of exchange rate distortion. Financial reforms will go a step further amid a stabilizing economy."
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
