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Yuan moves not seen big
By Ding Yining |
March 2, 2009, Monday
|
Print Edition
Print Edition
THERE will not be large-scale movements in the yuan's exchange rate this week since the Chinese government is committed to maintaining stability in the currency.
The yuan fell for five days versus the United States dollar last week and closed at 6.8379 on Friday, according to the China Foreign Exchange Trade System. It ended at 6.8357 the previous week.
Vice Premier Wang Qishan last week noted Chinese exporters should "take every means possible" to consolidate or expand market share worldwide during the global financial crisis.
"The rise of the yuan will further hurt China's exports, and depreciation may see capital outflows and delay the recovery of the economy," said Guo Zhaoyang, a forex strategist at China Everbright Bank Co. He said there wouldn't be a large room for the exchange rate to fluctuate.
"The exchange rate would continue to adjust within a close range before the economic situation turns for the better," said Li Zhuheng, an analyst with the Bank of China.
The yuan fell for five days versus the United States dollar last week and closed at 6.8379 on Friday, according to the China Foreign Exchange Trade System. It ended at 6.8357 the previous week.
Vice Premier Wang Qishan last week noted Chinese exporters should "take every means possible" to consolidate or expand market share worldwide during the global financial crisis.
"The rise of the yuan will further hurt China's exports, and depreciation may see capital outflows and delay the recovery of the economy," said Guo Zhaoyang, a forex strategist at China Everbright Bank Co. He said there wouldn't be a large room for the exchange rate to fluctuate.
"The exchange rate would continue to adjust within a close range before the economic situation turns for the better," said Li Zhuheng, an analyst with the Bank of China.
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