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October 26, 2009

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Home » Business » Economy

Yuan little changed against dollar on narrow parity range

THE yuan will be little changed against the United States dollar this week since China will continue to maintain the parity rate against the dollar within a very narrow range.

The Chinese currency edged slightly lower against the US dollar last week and ended at 6.8275 last Friday, according to the China Foreign Exchange Trade System.

The country will continue the proactive fiscal and moderately easy monetary policies to maintain macroeconomic continuity and stability.

The stable rate of the yuan will help China and the world's economy, said Wang Yuanlong, an analyst at the Bank of China. "An appreciation of the yuan may harm economic recovery, especially when the market is not yet stable."

State Information Center analyst Zhu Baoliang said the yuan "will not appreciate by a very quick pace in the short term as domestic demand is still not able to fuel economic recovery and China's main target will be to maintain stable growth."


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