Yuan Appreciation Slows as Dollar Strengthens
The Chinese yuan fell today to the lowest level in a month after the central bank set the reference rate lower for the third day, fueling the speculation the government would limit the currency’s gains.
It looks like the Chinese policy makers used the strength of the dollar against other currencies as an excuse to slow down the appreciation of the yuan. The People’s Bank of China set the reference rate 0.11 percent weaker at 6.6986 against the dollar.
USD/CNY rose from 6.6865 to 6.6877 today as of 14:53 GMT, following the jump to 6.6927.
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Earlier News About the Chinese Yuan:
- China Raises Interest Rates, Can It Prevent Asset-Bubble? (2010-10-20)
- International Pressure Makes Yuan Rise to Record vs. Dollar (2010-10-15)
- Yuan Weakens on Threats of Trade Sanctions from US & Europe (2010-10-11)
- Chinese Yuan Depreciates for First Time in 13 Days (2010-09-30)
- Will Yuan Appreciate? Yes. Slowly. (2010-09-23)