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Yuan hits new mark against US dollar
Source: AFP |
November 14, 2012, Wednesday
|
Print Edition
Print Edition
CHINA'S yuan currency hit a record high against the US dollar yesterday, amid a recovery in the domestic economy, analysts said.
Trade data released last Saturday lifted confidence in the domestic economy, according to analysts.
The yuan touched an intra-day high of 6.2262 to the dollar, according to the China Foreign Exchange Trade System, marking the strongest level since China launched its modern foreign exchange market in 1994.
It also registered a record closing high of 6.2265, firming from Monday's close of 6.2291.
"China's economic recovery, albeit weak, may attract foreign capital to put investment in yuan-denominated assets, driving demand for the currency," said an anonymous Beijing-based foreign exchange analyst.
China's exports rose 11.6 percent in October, according to official data, accelerating for a second straight month in fresh evidence of a broader rebound for the world's second-largest economy.
The nation's trade surplus widened to US$32 billion, up from US$27.7 billion in September.
"Recent data showed the worst may have come and gone for the domestic economy," Industrial Bank analyst Jiang Shu said.
"There are expectations that US quantitative easing will proceed as previously scheduled after President (Barack) Obama's re-election, leading to a weakening dollar and creating room for (yuan) appreciation," he said.
Trade data released last Saturday lifted confidence in the domestic economy, according to analysts.
The yuan touched an intra-day high of 6.2262 to the dollar, according to the China Foreign Exchange Trade System, marking the strongest level since China launched its modern foreign exchange market in 1994.
It also registered a record closing high of 6.2265, firming from Monday's close of 6.2291.
"China's economic recovery, albeit weak, may attract foreign capital to put investment in yuan-denominated assets, driving demand for the currency," said an anonymous Beijing-based foreign exchange analyst.
China's exports rose 11.6 percent in October, according to official data, accelerating for a second straight month in fresh evidence of a broader rebound for the world's second-largest economy.
The nation's trade surplus widened to US$32 billion, up from US$27.7 billion in September.
"Recent data showed the worst may have come and gone for the domestic economy," Industrial Bank analyst Jiang Shu said.
"There are expectations that US quantitative easing will proceed as previously scheduled after President (Barack) Obama's re-election, leading to a weakening dollar and creating room for (yuan) appreciation," he said.
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