Yuan rise this week not likely
By Ding Yining |
March 29, 2010, Monday
|
Print Edition
Print Edition
THE yuan is not likely to climb against the US dollar this week after a senior Chinese government official said it's unreasonable to force a revaluation of the currency.
The Chinese currency ended basically flat against the US dollar last week at 6.8268 on Friday, according to the China Foreign Exchange Trade System.
The yuan closed at 6.8263 at the end of the previous week.
"There is no logic in arguing that China is manipulating the yuan's exchange rate and blaming it for the Sino-US trade surplus," Vice Minister of Commerce Zhong Shan said in a statement issued by the ministry last Friday.
Zhong also added that it's vital to keep their respective currencies stable when the global economic recovery is still fragile.
Fan Gang, monetary policy adviser of the People's Bank of China, wrote China may resume a "managed float" of its exchange rate, if uncertainties of the overall economic situation diminish.
The Chinese currency ended basically flat against the US dollar last week at 6.8268 on Friday, according to the China Foreign Exchange Trade System.
The yuan closed at 6.8263 at the end of the previous week.
"There is no logic in arguing that China is manipulating the yuan's exchange rate and blaming it for the Sino-US trade surplus," Vice Minister of Commerce Zhong Shan said in a statement issued by the ministry last Friday.
Zhong also added that it's vital to keep their respective currencies stable when the global economic recovery is still fragile.
Fan Gang, monetary policy adviser of the People's Bank of China, wrote China may resume a "managed float" of its exchange rate, if uncertainties of the overall economic situation diminish.
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