China’s Currency Hits New High Vs. Dollar – Elaine Kurtenbach

From AP, via The Washington Post:

China’s currency on Friday closed at its highest level since a July revaluation, capping a weeklong increase.

The dollar closed at 8.0505 yuan on the automatic price-matching system, down from its Thursday close of 8.0537.

The dollar opened at 8.0511 on Friday, prompting speculation that China’s central bank may be encouraging the yuan’s rise, perhaps to avert U.S. pressure ahead of a visit to Washington by President Hu Jintao in April.

But a central bank official denied that suggestion, saying the currency movements were purely based on market forces. The official, who spoke on customary condition of anonymity, refused further comment.

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