China Yuan Up Late On 5th Straight Record-Low Fixing

After six continuous days of increases, the Chinese yuan has reached a new high of about 6.54 yuan to 1 dollar, closing the week off at a record high. From Wall Street Journal:

China’s yuan rose to a fresh high against the dollar for a sixth-straight day under the current system late Friday, after the central bank set the central parity at a fifth consecutive record low, prompting expectations that China is allowing a quicker pace of yuan appreciation.

On the over-the-counter market, the dollar was at CNY6.5354 around 0830 GMT, down from Thursday’s close of CNY6.5420. It traded between CNY6.5350 and CNY6.5406.

Ahead of trading, the People’s Bank of China fixed the dollar/yuan central parity rate at a fresh low, the fifth such fixing in a row. Friday’s reference rate was set at 6.5420, down from Thursday’s 6.5456.

At CNY6.5354 to the dollar, the yuan has risen 4.5% against the U.S. unit since June, when China effectively ended its currency’s two-year peg to the dollar.

April 8, 2011, 9:27 PM
Posted By:
Categories: Economy