Yuan ends at new high
By Feng Jianmin |
October 18, 2012, Thursday
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Print Edition
Print Edition
THE yuan closed at a new 19-year high of 6.2536 per US dollar yesterday after the central parity rate of the Chinese currency rose for the fifth day, amid the greenback's recent weakening.
Traders said demand for the yuan was strong as exporters needed to convert the dollar into yuan in the fourth quarter. Foreign Ministry spokesman Hong Lei said yesterday that China doesn't manipulate its currency, and that the US presidential candidates should view China in a fair and objective way. The yuan's de facto rate weakened 0.68 percent in September, according to data from the Bank for International Settlements.
Traders said demand for the yuan was strong as exporters needed to convert the dollar into yuan in the fourth quarter. Foreign Ministry spokesman Hong Lei said yesterday that China doesn't manipulate its currency, and that the US presidential candidates should view China in a fair and objective way. The yuan's de facto rate weakened 0.68 percent in September, according to data from the Bank for International Settlements.
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