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Yuan may trade in narrow range
By Ding Yining |
March 9, 2009, Monday
|
Print Edition
Print Edition
THE yuan will continue its recent pattern of slight adjustments against the United States dollar this week as investors remain cautious, analysts said.
The yuan edged up against the US dollar last week to close at 6.8370 yuan on Friday, according to the China Foreign Exchange Trade System.
The yuan gained 0.0014 percent against the US currency in February. It will likely trade in a range between 6.8370 yuan and 6.8410 yuan per US dollar this week, analysts said.
"The American market is still unstable and investors are still cautious, especially about financial shares," according to Zhang Xu, a foreign exchange trader at the Bank of China.
Yi Gang, a vice governor of the People's Bank of China, said in Beijing on Friday that there is little space for China to slash interest rates and the government has made plenty of preparations for the possibility of deflation.
Zhang Taowei, a professor at Tsinghua University in Beijing, also agreed that the yuan is not likely to depreciate significantly in the short term since it would probably lead to an outflow of capital and trade frictions.
The yuan edged up against the US dollar last week to close at 6.8370 yuan on Friday, according to the China Foreign Exchange Trade System.
The yuan gained 0.0014 percent against the US currency in February. It will likely trade in a range between 6.8370 yuan and 6.8410 yuan per US dollar this week, analysts said.
"The American market is still unstable and investors are still cautious, especially about financial shares," according to Zhang Xu, a foreign exchange trader at the Bank of China.
Yi Gang, a vice governor of the People's Bank of China, said in Beijing on Friday that there is little space for China to slash interest rates and the government has made plenty of preparations for the possibility of deflation.
Zhang Taowei, a professor at Tsinghua University in Beijing, also agreed that the yuan is not likely to depreciate significantly in the short term since it would probably lead to an outflow of capital and trade frictions.
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