China’s Currency Breaks Key Level

From AP:

China’s currency nudged past 7 yuan to the U.S. dollar Thursday, a milestone bound to please Beijing’s trading partners and dismay exporters struggling to remain competitive in overseas markets.

Late in the day, the dollar was at 6.9913 yuan on the over-the-counter market, after dipping to an all-time low of 6.9907. It closed at 7.0017 on Wednesday.

The trading Thursday marked the first time the Chinese currency has ventured below the 7 yuan mark since the government loosened the unit’s peg to the dollar in 2005. The yuan has gained about 18 percent since then.

Read also Yuan Advances Past 7 to Dollar, First Time Since End of Link from Bloomberg.

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