Yuan little changed against dollar
By Ding Yining |
November 2, 2009, Monday
|
Print Edition
Print Edition
THE yuan will be little changed against United States dollar this week as China will maintain its stimulative measures before there is more sign for economic recovery, market observers said.
The Chinese currency dipped against the greenback last week and ended at 6.8281 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8275 at the end of the previous week.
"China's exports are still very weak and the external demand recovery is unclear, so spot yuan is unlikely to be revalued before the end of this year," Liu Dongliang, a strategist at China Merchants Bank, wrote in a report.
The country's exports in September fell 15.2 percent year on year, the least in nine months, to 1.56 trillion yuan (US$228 billion), suggesting that demand is starting to revive.
"The currency rate is very likely to stay between 6.8250 and 6.8350 in the next few weeks," Bank of China said in a report.
The Chinese currency dipped against the greenback last week and ended at 6.8281 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8275 at the end of the previous week.
"China's exports are still very weak and the external demand recovery is unclear, so spot yuan is unlikely to be revalued before the end of this year," Liu Dongliang, a strategist at China Merchants Bank, wrote in a report.
The country's exports in September fell 15.2 percent year on year, the least in nine months, to 1.56 trillion yuan (US$228 billion), suggesting that demand is starting to revive.
"The currency rate is very likely to stay between 6.8250 and 6.8350 in the next few weeks," Bank of China said in a report.
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