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Yuan to stay stable against the dollar

THE yuan will remain stable against the United States dollar with the government maintaining its currency reserve policy.

The local currency closed at 6.8333 against the dollar last Friday after it ended 6.8328 at the end of the previous week.

Central bank Governor Zhou Xiaochuan said at a central bankers' meeting in Switzerland last week that there wouldn't be any sudden changes in China's currency reserve policy. China has cut its holdings of dollar reserves by US$4.4 billion in April to US$763.5 billion, according to the latest statistics.

"We hope that as the main reserve currency the exchange rate of the US dollar will be stable," Vice Foreign Minister He Yafei said in Beijing last Thursday.

"It's still too early to say the economy is recovering, and we suggest the yuan remain at a level about 6.83 against the US dollar in the near future," according to a report by China Merchants Bank Co.


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