VS Dollar Yuan
The yuan hit a record high against the dollar Monday after the decision of the Central Bank of China to raise its target range, two days after a meeting of G20 during which the issue of Chinese currency has been the subject of fierce debate.
On the spot market, the dollar traded at 6.5668 yuan on Monday late afternoon, against 6.5732 yuan on Friday. The yuan has appreciated by about 4% against the greenback since June, when China effectively ended two years of securing its currency to the dollar. Before the opening
market, the People's Bank of China had set Monday trading band of the yuan at 6.5707 yuan to one dollar, which is also a record, 6.5781 yuan against the dollar Friday. The yuan has
on the market of a fluctuation of 0.5% upward or downward from this level set daily by the Chinese central bank.
China is the subject for years international pressure for it to let its currency appreciate, the Western countries, led by the United States, accusing the yuan to be artificially undervalued to give a competitive advantage Chinese exports.
To reach an agreement on how to measure global economic imbalances, the final communique of the first meeting of G20 finance ministers last weekend in Paris, had to make concessions to Peki
China Strategy
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