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October 12, 2009

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Yuan to change little against the US dollar

THE yuan will change little against the US dollar this week as the country will maintain its stimulus measures and keep the currency stable.
The yuan edged up against the US dollar in the past four trading days and ended at 6.8270 last Friday, according to the China Foreign Exchange Trade System. The yuan closed at 6.8287 on September 25, the end of the last full week before the National Day holiday.
"It's still too early to put the yuan on the appreciation track and China will continue to keep the exchange rate in a close range," said Liu DongLiang, an analyst with China Merchants Bank Co.
Liu Mingkang, chairman of the China Banking Regulatory Commission, said in Hong Kong last Friday that it is too early for China to withdraw its stimulus policies.


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