Yuan seen trading in a narrow range | Shanghai Daily

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September 14, 2009

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Yuan seen trading in a narrow range


THE yuan will likely trade within a close range against the United States dollar as the US economy is still weak and there is little demand for the Chinese currency to appreciate, analysts said.

The yuan closed up against the US dollar at 6.8282 last Friday, according to the China Foreign Exchange Trade System. The currency closed at 6.8310 on September 4.

The central bank set the central parity rate at 6.8292 last Wednesday, the first time the yuan was stronger than 6.83 since May 26.

"The US will likely maintain a loose monetary policy as the economy is still struggling, which will make the greenback less attractive in the near future," Zhang Zhigang, an analyst at the Agricultural Bank of China, wrote in a research report.

Huiying Investment Co said the global economy hasn't stabilized, thus the yuan will not strengthen much against the US dollar this week.




 

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