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Yuan hits new US dollar record
By Feng Jianmin |
September 29, 2011, Thursday
|
Print Edition
Print Edition
THE yuan hits a new record high against the US dollar yesterday amid improving sentiment.
The People's Bank of China set the central parity rate at 6.3623 per US dollar, 0.21 percent stronger than Tuesday's level, according to the China Foreign Exchange Trading system.
The new high came two days after the yuan hit a previous record of 6.3735 to the greenback on Monday.
Dealers said the market sentiment was improving as the United States and European stock markets rallied for a second straight day on Tuesday on hopes that leaders were preparing a major response to the eurozone debt crisis.
"The yuan has been appreciating a bit faster than usual recently after stability returned to the global financial market," said Huang Dongqi, a senior currency researcher at the Industrial and Commercial Bank of China. "The central bank is taking an active role in boosting sentiment."
He added that the yuan's relatively quick appreciation came ahead of the holding of a G20 Summit in early November, which is expected to discuss the value of the Chinese currency.
The yuan has firmed 4 percent from the start of this year, and is expected to rise 5 to 6 percent before ending the year at 6.30 to the dollar.
The People's Bank of China set the central parity rate at 6.3623 per US dollar, 0.21 percent stronger than Tuesday's level, according to the China Foreign Exchange Trading system.
The new high came two days after the yuan hit a previous record of 6.3735 to the greenback on Monday.
Dealers said the market sentiment was improving as the United States and European stock markets rallied for a second straight day on Tuesday on hopes that leaders were preparing a major response to the eurozone debt crisis.
"The yuan has been appreciating a bit faster than usual recently after stability returned to the global financial market," said Huang Dongqi, a senior currency researcher at the Industrial and Commercial Bank of China. "The central bank is taking an active role in boosting sentiment."
He added that the yuan's relatively quick appreciation came ahead of the holding of a G20 Summit in early November, which is expected to discuss the value of the Chinese currency.
The yuan has firmed 4 percent from the start of this year, and is expected to rise 5 to 6 percent before ending the year at 6.30 to the dollar.
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