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."
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