Yuan rises to record high
By Jane Feng |
October 13, 2012, Saturday
|
Print Edition
Print Edition
THE yuan rose for the 10th straight week on the interbank market and set a new record high during daily trading yesterday on speculation that China's economic growth will speed up in the rest of this year.
The yuan yesterday closed at 6.2672 to the US dollar, 0.14 percent stronger than Thursday and capping a weekly gain for the 10th consecutive week. It briefly touched 6.2640, 0.99 percent stronger than the central parity rate, near the 1 percent limit trade band.
The central bank yesterday set the central parity rate at 6.3264, 0.2 percent stronger than Thursday.
Yi Gang, vice governor of the People's Bank of China, said China's GDP growth this year will be "certainly" higher than its official target of 7.5 percent, and may reach 7.8 percent, according to a written report submitted yesterday during the annual meeting of the International Monetary Fund in Tokyo.
The yuan yesterday closed at 6.2672 to the US dollar, 0.14 percent stronger than Thursday and capping a weekly gain for the 10th consecutive week. It briefly touched 6.2640, 0.99 percent stronger than the central parity rate, near the 1 percent limit trade band.
The central bank yesterday set the central parity rate at 6.3264, 0.2 percent stronger than Thursday.
Yi Gang, vice governor of the People's Bank of China, said China's GDP growth this year will be "certainly" higher than its official target of 7.5 percent, and may reach 7.8 percent, according to a written report submitted yesterday during the annual meeting of the International Monetary Fund in Tokyo.
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